By: Justin Summer
Eagle Properties Management Company sold its six-property multifamily portfolio totaling 1,244 units across Central Florida to Tzadik Management for $63 million, or about $51,000 per unit.
“The Eagle Apartments Portfolio offering was a rare opportunity to acquire a critical mass of units within some of the fastest-growing rental markets in Florida,” says Michael Donaldson, a vice president investments in Marcus & Millichap’s Tampa office.
The six properties are all located within 30 minutes of each other within the Orlando MSA near Daytona Beach. At the time of sale, the portfolio’s occupancy averaged 94 percent, and included the following properties:
- Millennium Eagle, 200 units at 4255 Barwood Dr. in Orlando;
- Eagle Reserve, 344 units at 3997 Rosewood Way in Orlando;
- Eagle Bay, 248 units at 1225 S. Beach St. in Daytona Beach;
- Eagle Oaks, 232 units at 2050 S. Ridgewood Ave. in South Daytona;
- Eagle Park, 120 units at 1049 Brentwood Dr. in Daytona Beach; and
- Eagle Briar, 100 units at 200 Robert St. in New Smyrna Beach, FL.
“Now is an excellent time to have acquired a substantial stake in the multifamily markets of Orlando and greater Daytona Beach as more than $5 billion in new development is taking place in those metros,” noted Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office.
The buyer, a Miami-based private investor, will be able to increase revenue across the portfolio through stabilization, strategic renovations or improving management efficiencies, according to Kristol. Tzadik Management now owns more than 4,500 units across 30 apartment communities.
Michael Donaldson, Nicholas Meoli, Evan Kristol and Still Hunter III with Marcus & Millichap represented the seller, a family partnership based in Daytona Beach, and procured the buyer.