ORMOND BEACH, FL—Waypoint Residential has acquired the Crowne at Ormond Beach multifamily community here for $25.3 million.
The deal was announced by Institutional Property Advisors, a division of Marcus & Millichap, which arranged the sale of the 272-unit community. The transaction calculates out 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 apartment complex at 600 Crowne Commerce Court is adjacent to the new $270-million Florida Hospital Memorial Medical Center and one mile away from The Ormond Town Square shopping center, home to Publix, Walmart and other retailers.
“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.”
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.
“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,'' IPA's Donaldson says. “ The high level of interest we received on Crowne at Ormond Beach is reflective of this trend.”
Community amenities include a resort-style swimming pool and sundeck with wireless Internet access; a clubhouse wand fitness center; nature trails; 24-hour on-site laundry facilities, and private garages.
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