DAYTONA BEACH, FL - Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Kabana Flats, a 288-unit multifamily community located at 875 Derbyshire Rd. in Daytona Beach.
Cushman & Wakefield’s Nick Meoli and Mike Donaldson represented the seller in the transaction. Denny St. Romain, Charles Crapse, and Alex Kupp of Cushman & Wakefield arranged the buyer’s financing. The property was sold by INMAN Equities and acquired by SL Systems, LLC.
“Centrally located in Daytona Beach, minutes from major employment centers, and miles of coastline beaches, Kabana Flats is a moderately renovated community offering an enticing value-add opportunity,” said Meoli, Vice Chairman at Cushman & Wakefield. “Given the noteworthy in-place loss-to-lease, the buyer saw immediate upside with the ability to further enhance the units to be more competitive in the submarket.”
Kabana Flats was built in 1974 and was 97% leased at the time of sale. All units in the community have been moderately renovated to a mid-grade finish level with the ability to implement a value-add program that includes further enhancements to the kitchen, flooring, light fixtures, and more in select units. The value-add opportunity also extends to the community’s already attractive amenity package and making several proposed improvements. Kabana Flats currently offers amenities such as a clubhouse equipped with a business center, two swimming pools, a fitness center, laundry room, and two tennis courts.
“Daytona Beach is continuing to attract investors from all over the country given its robust population and Job growth,” added Donaldson, Vice Chairman at Cushman & Wakefield. “The submarket’s year-over-year rent growth of 17.8% is testament to the areas overall progression appealing to an influx of residents seeking affordable waterfront living.”
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.