IPA Sells Coastal Florida Multifamily Complex for $25.3 Million

Still Hunter III

ORMOND BEACH, FL, July 16, 2014  – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Crowne at Ormond Beach, a 272-unit multifamily community in Ormond Beach, Fla. The $25,300,000 sales price equates to $93,000 per unit.

            IPA senior director Still Hunter III and Marcus & Millichap associate vice president investments Michael Donaldson represented the seller, Crowne Ormond Beach Associates. The buyer is Waypoint Residential.

            “Crowne at Ormond Beach is a stable asset with strong cash flow,” says Hunter. “The strengthening market and limited competition will contribute to the property’s future growth.”

            “The intense competition for high-quality multifamily assets in primary markets has led many investors to look to secondary markets with strong fundamentals and growth potential like Ormond Beach,’’ adds Donaldson. “ The high level of interest we received on Crowne at Ormond Beach is reflective of this trend.”

Michael Donaldson

            The apartment complex is located six miles from one of Central Florida’s most scenic beaches at 600 Crowne Commerce Court in Ormond Beach, Fla.

The location provides residents with convenient access to more than 10 parks and three country clubs. Interstate 95, Florida’s primary north/south thoroughfare, and State Road 40 (West Granada Boulevard), a major east/west retail artery in the area, are less than two miles away.

The new $270 million Florida Hospital Memorial Medical Center is adjacent to the property. The Ormond Town Square shopping center, home to Publix, Walmart and various other retailers, is one mile away.

            Built in 2003 on a 34-acre site, Crowne at Ormond Beach is composed of 14 two- and three-story buildings featuring one-, two- and three-bedroom apartments with full-size washer and dryer or connections, balconies and patios with storage, nine-foot ceilings, crown moldings, six-panel doors, track lighting, mini-blinds, large walk-in closets and oversized garden tubs.

            Community amenities include a resort-style swimming pool and sundeck with wireless Internet access; a clubhouse with an executive business/computer center and fitness center; nature trails; 24-hour on-site laundry facilities; private garages and a pet-friendly environment.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716