Crasqui Investments has purchased Ocean Oaks Apartments, a 296-unit multifamily community in Port Orange, Fla., near Daytona Beach. The seller was LIV Acquisitions. The property changed hands for $53 million and the acquisition involved a $31.2 million, 10-year Fannie Mae loan, public records show.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. The asset previously traded in 2020 for $28.8 million, according to Yardi Matrix data.
Built in 1989, the property comprises 37 two-story buildings comprising one- and two-bedroom floorplans ranging from 733 to 1,056 square feet. Apartments feature walk-in closets, along with private balconies or patios and washers and dryers for select layouts. Common-area amenities include a 24-hour fitness center, two swimming pools, a resident clubhouse, a barbecue area and a self-service car care station.
Located at 1645 Dunlawton Ave., Ocean Oaks Apartments is near Interstate 95, some 8 miles from Daytona Beach and 55 miles from Orlando, Fla. It is also roughly 7 miles from the Daytona Beach International Airport. The Pavilion at Port Orange shopping mall, as well as other retail options, are within walking distance.
IPA First Vice President Justin Basquill and Senior Vice President Sean Williams, along with Senior Managing Director Luke Wickham and Executive Managing Director Sheldon Grande, represented LIV Acquisitions. Grande stated in prepared remarks that this transaction represents the buyer’s entry into the Daytona market. Last month, Wickham, Basquill and Grande were involved in the $71 million sale of a multifamily community near Orlando.
