Newmark Closes $57.1 Multifamily Million Sale In Daytona Beach

Tomoka Pointe, a 276-unit, brand new garden-style community located in Daytona Beach, has changed hands.

The property is adjacent to the Tanger Outlets within the Tomoka Town Center, one of the most rapidly growing areas in Daytona Beach.

Newmark’s Multifamily Senior Managing Directors Scott Ramey and Erik Bjornson and Vice Chairman Patrick Dufour represented the seller Tomoka Pointe Housing, LP in the sale to Waypoint Real Estate Investments.

Tomoka Pointe is less than 10 minutes from One Daytona, Volusia Square, International Speedway Square, Volusia Marketplace and The Pavilion at Port Orange, providing residents with immediate access to everyday retail and restaurant needs. It was developed and is owned by a joint venture of Eastwind Development, LLC and North American Development Group (NADG); it was designed by Forum Architecture and built by Summit Contracting Group. Eastwind and NADG have partnered on Madison Pointe Apartments, also located in Tomoka Town Center and currently in lease-up.

 

According to Scott Ramey, “Tomoka Pointe sits in the heart of Tomoka Town Center and benefits from a coveted location that offers residents unmatched walkability to a variety of retail, dining and entertainment options. As a result of the property’s location and best-in-class finishes, it experienced an incredible lease-up, with over 90 percent of units leased in less than twelve months from opening. This strong historical performance gives the new owner a tremendous opportunity to benefit from the long-term growth trends taking place in the Daytona beach market.”

Constructed in 2019, Tomoka Pointe consists of a combination of three- and four-story elevator-serviced garden units Community amenities include a resort-style pool with an outdoor kitchen and pergola, a 24/7 fitness center with TRX equipment, a separate spin studio and an expansive clubhouse containing a diverse amenity set.

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