DAYTONA BEACH, FL - Nicol Investment Company, a family-owned real estate investment firm based in Nashville, Tennessee, announced the acquisition of Madison Pointe, a 240-unit garden-style apartment community located at the bustling intersection of Interstate 95 and LPGA Boulevard in Daytona Beach, Florida. The purchase price was $68.5 million.
Since 2016, Nicol Investment Company has acquired five multifamily assets in Florida, representing $330 million in total investment value.
"This addition to Nicol's growing Florida apartment portfolio continues our strategy to invest in well-located, amenity-rich communities in high barriers to entry markets," said Grant Nicol, Director of Finance, Nicol Investment. "Madison Pointe is adjacent to the Tomoka Town Center and Tanger Outlets, which comprise more than 1 million square feet of destination retail and dining venues and is just minutes from major employers like AdventHealth Daytona Beach, Halifax Health Medical Center and the Daytona International Speedway."
The ultra-modern, four-story, elevator-serviced garden community has interior air-conditioned corridors and best-in-class amenities, including a resort-style pool with a turf-grass island with lounge chairs and an outdoor kitchen and gathering area, 24/7 fitness center with a separate yoga & spin studio and an expansive clubhouse with multiple gathering and game areas.
Constructed in 2020, Madison Pointe units feature quartz countertops, stainless steel Whirlpool appliances, wood-style plank flooring and full-size washer and dryer.
The property offers true walkability to highly sought-after retail, restaurants and entertainment. It is adjacent to the 125-acre Tomoka Town Center mixed use project with destination retail including Dave & Busters, Sam's Club and Academy Sports + Outdoors and Tanger Factory Outlets, featuring more than 90 name brand retailers such as Nike, J. Crew and Vera Bradley. New retailers under construction include Miller's Ale House, Ford's Garage and Rooms To Go.