DAYTONA BEACH, FL — Capstone Apartment Partners recently brokered the $9,050,000 sale of Forestlake Apartments in Daytona Beach, FL. After an extremely competitive bidding process Capstone client, Harbor Group, awarded and sold the 1980s vintage property for $61,986 per unit to Timberland Partners.
“Out of the many aggressive offers received, Timberland Partners was awarded the deal due to their strong terms and track record of performance. The buyer prefers tertiary markets and saw potential to increase rents at Forestlake through a unit renovation program,” according to Enon Winkler, a firm partner of Capstone AP. Jad Richa, an investment advisor with Capstone AP, noted “the sale of Forestlake demonstrated another instance of the demand for well-located multi-family assets in Florida.”
Enon Winkler, Deucie Bies, Jad Richa, and Brian Hunsicker of Capstone Apartment Partners represented the seller in this transaction.
Asset Highlights
- Well-maintained asset with a desirable unit mix of 1 and 2 bedroom floorplans.
- Ideally situated near major transportation arteries, universities, employment, beaches, shopping and entertainment.
- Located in a quiet neighborhood setting.
- Well-maintained with desirable curb appeal and excellent amenity options.
