DAYTONA BEACH, FL, Aug. 6, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Eagle Point of Daytona, a 128-unit apartment property located in Daytona Beach, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $9,350,000.
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| Michael Donaldson |
Michael Donaldson and Nicholas Meoli, senior vice presidents in Marcus
& Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the seller, a limited liability company based in Ormond
Beach, Fla.
The buyer, a private investor, was secured and represented
by Ned Roberts, an investment
specialist in Marcus & Millichap’s Tampa office.
“The Daytona Beach
submarket has gained significant attention from multifamily investors in recent
years due to millions in ongoing development, rent growth that has attained top
ranking in the nation and continued renter demand outpacing incoming supply,”
stated Mr. Donaldson.
“Eagle Point is a prime
investment capitalizing on these positive trends taking place in the area, with
majority two-bedroom units and an excellent repositioning opportunity.
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| Nicholas Meoli |
"Through our
national marketing campaign, we generated over 330 registered buyers and
procured 11 offers – a testament to the demand for properties in secondary
Florida markets such as Daytona Beach,” adds Mr. Meoli.
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