Daytona Beach Apartments Fetch $7M

DAYTONA BEACH, FL-Chicago investor Sam Zell’s Equity Residential Properties Trust has sold its 144-unit, 18-year-old Wood Forest Apartments complex here for $7.15 million, or $49,653 per unit.

Asset Development and Management Group LLC of Jupiter, FL purchased the 24-building, 96%-leased property at 500 Jimmy Ann Dr., one mile north of the Volusia Mall. Brokers Richard Donnellan and Kevin Judd in the Boca Raton, FL office of Apartment Realty Advisors negotiated for Equity.

“We are seeing increased investor activity in the second and third tier markets throughout Florida,” says Donnellan, a principal in Apartment Realty Advisors. “It’s appealing to investors who seek slightly higher yields as compared to primary MSAs throughout the state.”

Apartment Realty Advisors is a six-year-old network of independent apartment brokerage firms in 17 states. The group averages $2.5 billion in annual sales volume, according to Donnellan.