This property just sold for highest price in Volusia County this year
PORT ORANGE ― Passing motorists along busy Dunlawton Avenue might not notice the nondescript driveway just west of the Denny's restaurant here, but it recently caught the eyes of South Florida real estate investors.
On Nov. 14, a Coral Gables company doing business as Crasqui Investments paid $53 million to acquire the 296-unit Ocean Oaks Apartments at 1645 Dunlawton Ave. in Port Orange.
It's the biggest real estate sale of the year in Volusia County and by a wide margin, according to the county's Property Appraiser's Office.
The second-biggest real estate deal of 2023 so far is the $27.4 million sale in March of the Encore at Capri Apartments at 129 E. Villa Circle in DeLand. The 224-unit, 30-building complex was built in 1987.
Here's what we know about the sale of Ocean Oaks Apartments and what it means for Volusia County.
The property has steadily risen in value
Built in 1988, Ocean Oaks Apartments has changed hands numerous times, property records show.
In 1999, it sold for $6.5 million. Twelve years later, it sold for $14.9 million. In 2017, it sold for $26 million. On March 18, 2020, Birmingham, Alabama-based LIV Acquisitions bought it for $39.8 million.
The amount Crasqui Investments paid LIV for Ocean Oaks Apartments was over eight times what the property fetched a quarter-century ago.
What is Ocean Oaks?
According to its website, Ocean Oaks Apartments is "designed with a resort-style atmosphere." Its amenities include a clubhouse, two community pools, lighted tennis courts, a fitness center, a cyber cafe and a fenced-in dog park.
The one- and two-bedroom apartment units are in 37 two-story buildings spread across 21 acres. Each unit has a screened-in patio or balcony, wood-style flooring and walk-in closets. Rental rates for units range from $1,351 to $1,665 a month for those who sign 12-month leases.
Who are the new owners?
The state business license for Crasqui Investments lists Maria Nardi as its director. Nardi, whose full name according to LinkedIn is Maria Delores Nardi Ariza, is also president of Optimum Corp. and real estate manager for Catalonia Management Company. All three companies are at 250 Catalonia Ave., Coral Gables
The website for Catalonia Management states that it wants tenants "to live better at urban-style apartments, designed to keep a balance between amenities and affordable prices available near work, school and recreation areas."
Optimum Corp's website describes itself as a leading provider of "solutions for property management and real estate investments," and that its location in South Florida "makes it ideal to serve all points of Florida and Latin American real estate investors, too."
The News-Journal was unable to reach Nardi for comment.
What others say
"$53 million? Whew!," said Ty Lohman, an Ormond Beach real estate investor who was not involved in the deal but has bought and sold several apartment properties in Volusia County.
"It shows that occupancies are still staying high with everybody moving down here," said Lohman of the sale price for Ocean Oaks Apartments.
Carl Lentz IV, managing partner at SVN Alliance Commercial Real Estate Advisors in Ormond Beach, was not involved in the deal either, but has helped clients buy and sell commercial properties throughout the region.
"For old construction (apartments), buyers will typically buy a property where the income flow is stable, clean them up and refurbish them, do up the amenities and take care of deferred maintenance so they can raise rents to be more comparable to market rates," said Lentz. "They call it a value-add opportunity."
Luke Wickham, a senior managing director for Marcus & Millichap's Institutional Property Advisors in Orlando, teamed up with IPA Executive Managing Director Sheldon Granade and two other IPA agents to represent LIV Acquisitions in the sale of the Ocean Oaks Apartments.
Wickham did not respond to requests for comment. In a news release announcing the sale, he stated, "Investors continue to be attracted to Central Florida's population and economic growth."
What else made this year's top 5 list?
A list provided by the Volusia County Property Appraiser's Office of the top commercial real estate sales of the year so far show that the three highest prices paid were for apartment properties.
After the Ocean Oaks Apartments and Encore at Capri Apartments, No. 3 on the list is The Park at Via Teano Apartments at 1400 Hancock Blvd. in Daytona Beach sold in late August for $23.6 million. Previously known as the "Emerald Park Apartments," the 208-unit The Park at Via Teano was built in 1986.
Coming in at No. 4 is the former Good Samaritan Society Florida Lutheran senior housing community at 450 N. McDonald Ave. in DeLand, which sold in June for $18.8 million. The 90-bed assisted-living facility is now called Blue Palms Senior Living of DeLand.
The Hampton Inn Daytona Shores Oceanfront at 3135 S. Atlantic Ave. in Daytona Beach Shores sold in May for $18 million to round out the year's top five commercial real estate sales. The 111-room hotel was built in 1999.
Among all types of real estate properties this year in Volusia County, the Ocean Oaks Apartments and Encore at Capri Apartments were the No. 1 and No. 2 top sales respectively, followed by the $26.5 million sale in August of the 493-acre former sod farm property at 3390 Pioneer Trail in New Smyrna Beach. The buyer, Scottsdale, Arizona-based Taylor Morrison Homes, plans to develop the property into a 701-home community called Shell Pointe Colony that will be sandwiched in between the already established Venetian Bay community to the west and Interstate 95 on the east.
No other "residential multi-parcel" properties made the top five list.
Among single-family homes, the county's top sale so far this year is the $5.5 million paid in April for the oceanfront luxury home at 301 Ocean Shore Blvd. in Ormond Beach.
This article originally appeared on The Daytona Beach News-Journal: Port Orange property just sold for highest price in Volusia this year
