Cushman & Wakefield Represents Starr Properties In Sale Of Adjacent Daytona Beach Multifamily/Townhome Developments

Cushman & Wakefield advised Starr Properties in the $23.75 million sale of 169 units in two adjacent townhome rental communities, Whispering Oaks and Southern Villas, in Daytona Beach.

Cushman & Wakefield Vice Chairs Mike Donaldson and Nick Meoli and Managing Director Greg Rainey represented Tovah and Ty Lohman of Starr Properties in its transaction with ESO Equity Group. The sale involved 93% of the total units in both associations.

Originally constructed in 1985, Whispering Oaks is located at 300 Forest Glen Blvd. in Daytona Beach, and includes 109 townhome units that average 1,249 square feet. Southern Villas is located at 239 Oak Tree Circle, was originally built in 1983, and includes 60 units with an average size of 1,214 square feet. Each property offers two- and three-bedroom floor plans and includes a pool.

Additionally, the two communities are located near Daytona International Airport, Daytona Speedway and Embry Riddle Aeronautical University.

“The sale of Whispering Oaks and Southern Villas represented an excellent opportunity to acquire a fractured townhome community in Daytona Beach,” said Donaldson. “There is tremendous opportunity to further renovate the community or sell the units individually in the future. What’s more, the buyer, a repeat investor that has transacted with the Cushman & Wakefield listing team numerous times, plans extensive enhancements and renovation-capital projects to the property, which will make it one of the most desirable communities in Daytona Beach.”

Added Meoli, “We are continuing to see capital attracted to vintaged value-add communities where yields have been outsized and acquisition basis is compelling. While there has typically been a flight to quality the past few years in favor of newer construction, there is increasingly more interest to acquire well-located, value-add product throughout Florida at prices typically well below recent peak levels from several years ago.”