Newport Waterfront Condominiums, Daytona Beach, FL
DAYTONA BEACH, FL, May 21, 2013 – Marcus & Millichap
Real Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of Newport Waterfront Condominiums,
a 39-unit condominium community located in Daytona Beach, Florida, according to
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset
commanded a sales price of $2,145,000 or $55,000 per unit.
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| Michael Donaldson |
Michael Donaldson, a senior multifamily associate in
Marcus & Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the south Florida-based sellers. Donaldson also procured and represented the
buyer, a limited liability company also based out of south Florida.
Newport Waterfront Condominiums was built in 1972 and is
located at 900 South Peninsula Drive.
Built as an apartment community, the property was converted to
condominiums in January of 2007 and consists of two buildings.
One building has 30
two-bedroom/one-bath units and the other building has nine, two-bedroom/two
bath units, all facing the Halifax River.
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| Daytona Beach, FL skyline |
“The Newport Condominiums generated a large amount of
interest from the investment community, mainly due to the property having
frontage to the Halifax River Intracoastal Waterway,” Donaldson said in a
statement.
“We received over 10 offers and eventually closed with a
cash buyer for 12 percent above list price, at $55,000 per unit, one of the
highest prices for a pre-1980s-built multifamily complex in Volusia County.”
“With improving
market conditions throughout central Florida, we will continue to see similar
trades that break pricing thresholds that have not been attained since the
height of the market,” concludes Donaldson.
For a complete copy
of the company’s news release, please contact:
Richard D. Matricaria
Regional Manager
Tampa, FL
(813) 387-4700
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