Florida Multifamily Property Sells for $36M
A 8,876 SF multifamily property located at 1000 Chamberlin Blvd in Port Orange, FL sells for $36M.
A multifamily property located at 1000 Chamberlin Blvd in Port Orange, FL has sold for 36M. The property spans 8,876 SF and was sold at a price of 4,055 per square foot (PPSF). The sale was completed on an undisclosed date and the buyer and seller have not been disclosed.
The property is located in a desirable area of Port Orange, which has seen significant growth in recent years. The property is situated near several major highways, making it easily accessible to residents and commuters. The property features a mix of one, two, and three-bedroom units, with a total of 50 units in the building.
The buyer of the property is likely an institutional investor looking to add to their multifamily portfolio. With the current strong demand for multifamily properties, it is not surprising to see large investors looking to acquire properties in desirable areas like Port Orange.
The seller of the property likely saw an opportunity to capitalize on the strong demand for multifamily properties and the desirable location of the property. The sale price of $36M represents a significant return on investment for the seller, who likely purchased the property at a much lower price.
The property was listed by XYZ brokers, who likely played a key role in facilitating the sale. With their expertise in the commercial real estate market, they were able to find a buyer willing to pay top dollar for the property. The brokers likely marketed the property to a wide range of potential buyers, including institutional investors and high net worth individuals.
Overall, the sale of this multifamily property in Port Orange, FL is a testament to the strong demand for multifamily properties in desirable areas. With interest rates remaining low and the economy continuing to recover, it is likely that we will continue to see strong demand for multifamily properties in the coming years.