Marcus & Millichap Arranges $63 Million Multifamily Portfolio Sale

Marcus & Millichap announced the sale of the Eagle Apartments Portfolio, a six-property, 1,244-unit apartment portfolio in Central Florida. The sales price is $63 million.  

“The Eagle Apartments Portfolio offering was a rare opportunity to acquire a critical mass of units within some of the fastest-growing rental markets in Florida,” says Michael Donaldson, a vice president investments in Marcus & Millichap’s Tampa office.

 

“As indicated by the 190 registered buyers that we generated from our national and international marketing campaign, it is evident that portfolio acquisitions are attractive to investors looking to capitalize on economies of scale,” adds Nicholas Meoli, also a vice president in Marcus & Millichap’s Tampa office.

 

“Located in high-growth metro areas of Orlando and greater Daytona Beach, the portfolio gives new ownership the ability to increase revenue on each property through either stabilization, continued strategic renovations or management efficiencies,” says Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office. “Now is an excellent time to have acquired a substantial stake in the multifamily markets of Orlando and greater Daytona Beach as more than $5 billion in new development is taking place in those metros. The acquisition will increase the buyer’s multifamily portfolio to over 4,500 units and 30 apartment communities and expand their footprint in Central Florida.”

Donaldson and Meoli, in conjunction with Kristol and Still Hunter III, an executive director of Marcus & Millichap’s IPA division, represented the seller, a family partnership based in Daytona Beach. The team also procured the buyer, a Miami-based private investor. The properties in the portfolio are:

• Millennium Eagle, 200 units, Orlando
• Eagle Reserve, 344 units, Orlando
• Eagle Bay, 248 units, Daytona Beach
• Eagle Oaks, 232 units, South Daytona
• Eagle Park, 120 units, Daytona Beach
• Eagle Briar, 100 units, New Smyrna Beach

All of the properties are located within a less than 30-minute drive from each other in each metro area and the commute between Orlando and the Daytona Beach region is under one hour. At the time of the sale, the portfolio’s occupancy level was 94 percent.  

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