DELAND, FL, August 11, 2021 –– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Crossings at DeLand, a thirteen-building complex located in DeLand, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $5,225,000.
The community is a rare seven-acre apartment community with 84 feet of frontage on the St. Johns River. The property includes 52 apartment units and one single-family home, which was completely renovated in 2020.
Jason Hague, Duane C. Anderson, Adam Podbelski and Ned Roberts, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured and represented by Hague, Anderson, Podbelski and Roberts.
“We were fortunate to connect with this buyer shortly after hitting market who was willing to offer incredibly attractive terms, greatly increasing the probability of a closing which very much interested the seller. Overall, it was a smooth transaction from start to finish,” said Jason Hague, First Vice President Investments.
Crossings at DeLand is located at 2744 Botts Landing Road in DeLand, FL. Although originally constructed in 1973, three of the buildings were completely rebuilt in 2007 with new roofs and upgraded interiors. Crossings at DeLand features a favorable unit mix of 73% two- and three-bedroom units and is currently 100% occupied with strong rental demand and high historical occupancy. Amenities include an on-site laundry facility, on-site leasing office, swimming pool and direct access to the picturesque St. Johns River.
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