Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of the Tzadik Orlando and Daytona Beach Portfolio. The final sale price was $126.5 million, equating to more than $134 per square foot.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Denny St. Romain, Charles Crapse and Alex Kupp of Cushman & Wakefield also arranged the buyer’s financing. The portfolio was sold by Tzadik Management and acquired by Elandis.
“The portfolio creates a critical mass of units situated throughout some of the highest growth markets in the state, Orlando and Daytona Beach. This presented an opportunity for Elandis to acquire 1,242 units at 97 percent occupancy with excellent upside potential,” says Donaldson, Executive Managing Director at Cushman & Wakefield in a statement. “Portfolios tend to attract significant institutional and private investors and as a result, this offering generated interest from over 500 registered buyers over the course of the marketing period.”
Tzadik Orlando and Daytona Beach Portfolio totals almost 1,000,000 square feet and includes:
- Millennium Apartments, a 200-unit community located at 4255 Barwood Dr.
- Brookside Apartments, a 343-unit community located at 3997 Rosewood Way
- Bay Apartments, a 248-unit community located at 1225 S. Beach St.
- Ridge Apartments, a 232-unit community located at 2050 S. Ridgewood Ave.
- Park Apartments, a 119-unit community located at 1049 Brentwood Dr.
- Rose Apartments, a 100-unit community located at 200 Robert St.
“Each community has tremendous value-add opportunity to achieve strong rent growth and a high return on investment,” added Meoli, Executive Managing Director at Cushman & Wakefield. “Through the purchase of these assets, South Florida-based buyer Elandis is expanding into these markets and plans to take advantage of the continued population influx and growth being experienced in Central Florida.”
Cushman & Wakefield is a global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield has approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.