February 7, 2020
Cushman & Wakefield has arranged the sale of Ridgecrest Park Apartments, a 275-unit, garden-style multifamily asset in Daytona Beach. The sales price was $25.1 million.
Located at 1400 S. Nova Rd., the property is currently 97% occupied and sits on 45 acres. The community features one-and two-bedroom units averaging 888 square feet. The property was built in 1967 and has been updated numerous times. Recent renovations include refaced cabinets, new kitchen backsplashes, new vinyl plank flooring, as well as installation of washer/dryer connections and updated bathroom vanities.
Mike Donaldson and Nick Meoli of Cushman & Wakefield’s Florida Multifamily Investment Sales Team represented the seller, Eastern Property Real Estate Group, in the transaction. The buyer is Covenant Capital Group, a Nashville-based real estate private equity firm.
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