The property was 98% occupied at the time of sale.
DAYTONA BEACH, April 29, 2024 – Franklin Street Multifamily announced today that it has closed the sale of Palm Cove Apartments, a 63,750-square-foot, multifamily community in Daytona Beach, Fla.
Franklin Street arranged the transaction on behalf of the seller, a joint venture between New York-based Knickerbocker Asset Management, and Capstone Realty Group USA, and the buyer is Miami-based IMC Equity Group.
“We are grateful for the opportunity to represent both parties of the transaction and excited for the buyer to expand their footprint in the Daytona Beach market,” said Avery Jordan, Senior Director.
Built in 1966, Palm Cove Apartments recently underwent capital improvements. The community comprises eight two-story buildings with renovated interiors, including vinyl wood flooring, granite countertops, white cabinets, modern lighting and fixtures, and kitchen backsplashes, among others.
Leading the successful transaction was the Franklin Street Florida-based Multifamily Investment Sales team, led by Avery Jordan, Darron Kattan, Mark Savarese and Cary Brown.
Located at 886 S Nova Road, within the Deltona-Daytona Beach-Ormond Beach MSA, the property is situated on a 3.82-acre lot, providing access to national retailers including Walmart Supercenter, Publix Supermarket, Starbucks and Target.
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
