Burlington Capital sells two Daytona Beach resi properties for $37m

Burlington Capital sells two Daytona Beach resi properties for $37m

Published at: 2018-10-09 13:21 | Author: CIJ USA
Burlington Capital Group offloaded a two-property multifamily portfolio in Daytona Beach, Florida. The company sold Lake Forest Apartments and Jade Park for a total of $37m, averaging just over $96,355 per unit. Built in 1987, the 13-building Lake Forest Apartments sits on a 22-acre site. Jade Park, which spans 12 acres, was built in 1985 and is located next to Lake Forest. The properties recently underwent renovations. Communal area amenities include a fitness center, swimming pool, laundry facilities and grade-level parking. Marcus & Millichap represented the seller and procured the unnamed buyer.

“Building upon the recent property enhancements by the seller, the buyer can continue renovating the units, merging the two communities as one and infusing additional capital into the curb appeal and communal area amenities,” said Michael Donaldson, senior vice president at Marcus & Millichap.

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