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Cushman & Wakefield Negotiates $30.3M Sale of Ocean Oaks Apartments

Ocean Oaks Apartments
Ocean Oaks Apartments

Jay Ballard and Ken Delvillar Represented GoldOller Real Estate Investments in the Disposition of the 296-Unit Volusia County Multifamily Community

PORT ORANGE, FL, October 2, 2017Cushman & Wakefield announced today that it has negotiated the sale of Ocean Oaks Apartments, a 296-unit multifamily apartment community in Volusia County, FL.

Senior Directors Jay Ballard and Ken Delvillar represented GoldOller Real Estate Investments in the disposition. A joint venture of ApexOne Investment Partners and The Collier Companies acquired the asset for $30.25 million ($102,196 per unit).

Ocean Oaks Apartments is a 296-unit garden multifamily community comprising 37 buildings. The property was developed in 1988 on a ±21.1-acre site at 1645 Dunlawton Avenue. This location, just south of Daytona Beach, FL, offers convenient access to both Interstate 95 and Interstate 4, which connect residents to the top colleges and universities, world famous beaches and entertainment venues along Florida’s east coast and throughout Central Florida.

Ocean Oaks Apartments offers a mix of one- and two-bedroom units. The average unit is 903 square feet. The average rent was $948 at the time of sale.

Units at Ocean Oaks Apartments feature custom gourmet kitchens, energy-efficient black appliances, elegant faux wood and ceramic tile flooring, luxurious bathrooms, spacious walk-in closets, screened balconies and patios and in-unit washers and dryers. The community offers a clubhouse, playground, lighted tennis and basketball courts, business center, fitness center, clothes care center and two swimming pools.

“Ocean Oaks Apartments provided investors with the opportunity to acquire a value-add asset in the desireable Volusia County multifamily market,” said Ballard. “Significant investor interest was driven by exceptional fundamentals at the property, which has exhibited notable rent and revenue growth.”

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.comwww.cushmanwakefield.com or follow @CushWake on Twitter.

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Ocean Oaks Apartments Photo
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