October 26, 2020
New York City-based real estate investment company Knickerbocker Asset Management and joint venture partner Capstone Realty Group has acquired The Point Daytona, a 128-unit multifamily community in Daytona Beach. The sales price was $9.5 million.
The property features a mix of one- and two-bedroom apartments and includes amenities such as a pool, on-site leasing office, playgrounds and laundry facility. The community is located nearby the Daytona Beach shoreline, as well as a number of employment centers. The joint venture partnership plans to invest over one million dollars to improve the property and reposition it within the market through rebranding and an aggressive lease-up strategy. The community is currently 70% occupied.
“We plan to embark on an extensive capital improvement program to upgrade the community to be well-positioned within the Daytona Beach marketplace,” said Justin Mohr principal at Knickerbocker. “Knickerbocker’s focus is acquiring well-located multifamily properties below replacement cost with the opportunity to add value through improvements and operational efficiencies.”
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