Institutional Property Advisors Brokers Central Florida Multifamily Asset Sale
November 16, 2023
PORT ORANGE, Fla., Nov. 16, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today 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.
Built in 1989 on 21 acres, Ocean Oaks Apartments has two swimming pools and a clubhouse. The unit mix is all one-and two-bedroom homes with private screened-in patios or balconies, wood-style flooring and walk-in closets. 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.
“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.
Built in 1989 on 21 acres, Ocean Oaks Apartments has two swimming pools and a clubhouse. The unit mix is all one-and two-bedroom homes with private screened-in patios or balconies, wood-style flooring and walk-in closets. 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.
# # #
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.