Monday, May 9, 2011
C&W Apartment Investment Group negotiates sale of Daytona’s 208-unit Breakers Apartments for $8.5 million
ORLANDO, FL, May 9, 2011---Cushman & Wakefield of Florida, Inc. (C&W) Apartment Investment team of Jay Ballard (middle right photo), Ken Delvillar (lower left photo), and Lindsey Pfaender announced the sale of The Breakers Apartments (top left photo) located in Daytona, Florida to Daytona-based Continental Property Services.
The C&W Apartment Investment team represented the seller, Denver-based real estate investment trust Apartment Investment and Management Company (AIMCO) in the $8.5 million deal that closed on April 22.
Built in 1985, the 208-unit Breakers is a Class B garden-style community is positioned in the heart of Daytona’s college community that includes Embry-Riddle Aeronautical University, Daytona State College, Florida State University College of Medicine, Bethune-Cookman University, Phoenix East Aviation, WyoTech, Keiser College and Palmer Chiropractic College.
The property is located minutes from Daytona’s famous attractions, including their renowned beach and International Speedway.
With a stabilized occupancy of 92% at the time of the sale, Continental Property Services paid $8.5 million or $40,865 per unit and assumed the existing Freddie Mac loan.
Cushman & Wakefield Director Ken Delvillar said, “as the area’s largest owner of multi-family properties, Continental Property Services was a natural choice to acquire the asset.
“They’re a well capitalized, private buyer who will be able to maximize the property’s potential through their hands-on management and existing scale in the market,” said Delvillar.
Contact: Brook Hines Tel: 407-541-4401, email@example.com