Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Ocean Oaks Apartments, a 296-unit multifamily asset in Port Orange, Florida, an upscale area near Daytona Beach.
“Investors continue to be attracted to Central Florida’s population and economic growth,” said Luke Wickham, IPA senior managing director. Shelton Granade, IPA executive managing director added: “The buyer had a 1031 exchange need and is new to the Daytona market. The sale is a testament to our ability to bring new capital into the market.” Wickham, Granade and IPA’s Sean Williams and Justin Basquill represented the seller, LIV Acquisitions and procured the buyer, Crasqui Investments.
The property is close to the Daytona Beach area, Interstate 95 and the Port Orange Pavilion shopping mall. Orlando is 30 minutes away and Tiger Bay State Forest, Daytona International Speedway, and Smyrna Dunes Park are nearby.