DAYTONA BEACH, FL - Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Hilltop Apartments at Daytona, a 128-unit apartment community located at 464 Brentwood Dr.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented both the seller and buyer in the transaction. The property was sold by Knickerbocker Asset Management and joint venture partner, Capstone Realty Group, USA, and acquired by Disrupt Equity.
“Hilltop Apartments at Daytona is a well renovated mid-size community in Daytona Beach with a great amenity package, desirable floor plans, and a central location within short commute of major points of interest in the city,” said Donaldson, Vice Chairman at Cushman & Wakefield. “The property has received over $1.2 million in capital improvements from the seller that transformed the property into desirable workforce housing for the area.”
“We are excited to have completed our business plan for this project in a shorter time period than initially planned,” said Justin Mohr, Principal at Knickerbocker. “The significant value-add is exemplary of our investment strategy to acquire well-located multifamily properties below replacement cost in growth markets.”
Built in 1973, Hilltop Apartments at Daytona was 97% leased at the time of sale. The garden-style community features eight buildings spanning two stories each and is within close proximity to Daytona Beach’s best attractions along with the Daytona Beach International Airport and the city’s major employment centers.
Amenities include a recently renovated leasing office and laundry facility, swimming pool, and grilling stations. Hilltop Apartments at Daytona also offers value-add opportunity through expansion of the current amenities offered and continued renovations to a select portion of the property’s units.
According to Managing Partner, Brad Gillman of Capstone Realty Group, USA, “Daytona has proven to be an extremely vibrant market, along with the rest of coastal Florida. As such, we look forward to acquiring additional properties in Florida.” Managing Partner, Rob Friedberg of Capstone Realty Group, USA added, “We are pleased with how our company executed the business plan ahead of schedule and budget.”
“We continue to see further migration of capital into Florida as a result of the heightened growth in rents, population, and commerce,” added Meoli, Vice Chairman at Cushman & Wakefield. “The buyer, Disrupt Equity, made their first acquisition in the state with the acquisition of Hilltop and plans continued renovations of the property and further expansion of their portfolio in Central Florida.”
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Disrupt Equity: Disrupt Equity is a real estate syndication firm focused on multifamily acquisitions. Disrupt Equity was founded by Ben Suttles and Feras Moussa and was born from the desire to create safe, quality housing through strategic upgrades, hands-on customer service-oriented management, and targeted acquisitions in growing markets. Disrupt Equity has bought more than $320M in real estate and has gone full cycle on eight of these large apartment deals, achieving a 20-50% average annualized returns to their investors. To date, Disrupt Equity operates over 3,000 units across the Sunbelt region and is projected to hit $600M in assets under management by the end of 2022.
About Knickerbocker Asset Management: Knickerbocker Asset Management ("Knickerbocker") is a New York City-based real estate investment company that acquires, owns,and operates multifamily real estate in well-located geographies across the eastern United States. Knickerbocker acquires apartment communities in primary and secondary markets with existing cash flows, which provide the opportunity to force appreciation through various management strategies and capital improvements. Our firm identifies attractive risk-adjusted investments in key Metropolitan Statistical Areas (MSA's) that exhibit population growth, low unemployment, job growth, and constrained supply.
About Capstone Realty Group USA: Capstone Realty Group USA is a commercial real estate investment and development company with a focused strategy of acquiring value-add and opportunistic Multifamily properties, Self-Storage properties, Office buildings, Retail shopping centers, select service Hotels, and Non-Performing Loans from financial institutions and other distressed sellers. For over 12 years Capstone has delivered superior returns optimizing real estate investments by redeveloping, rebranding and returning capital on its investments. Capstones expertise includes acquisitions, valuations, debt financing, private equity syndication, loan restructuring, real estate management and design & development.