With the quality of the construction and the high level of rent they’re getting, I guess we should get accustomed to some eye-popping figures for apartment complexes in Volusia County.
Earlier this year, the Tomoka Pointe apartments on Williamson Boulevard sold for $57.1 million, surpassing the previous record for an apartment complex in Volusia when Andros Isles sold for about $49 million.
Now, Hercules Living of Virginia Beach, Va., bought the Integra 289 Exchange apartments in DeBary for an eye-popping $71.25 million. With the complex within walking distance of SunRail and the desire of people to stay away from the craziest of Orlando, but still work there, Integra 289 will remain in high demand for years.
There are plenty of other big new apartment complexes out there that may just surpass Integra 289 if they are sold and there is still a lot more apartment construction underway. Some notable ones include the Edison on LPGA Boulevard, the Napier on Williamson and Silver Hills on Atlantic Avenue, all in Daytona Beach; Eden at Crystal Lake on Reed Canal Road in Port Orange; and the Reserve at Parc Hill in Orange City. Starting construction soon are the Tymber Creek Apartments at Granada Boulevard and Tymber Creek Road in Ormond Beach and the Osprey Point Apartments on Clyde Morris Boulevard in Port Orange.
What all this means is apartment rent in Volusia is going to get nuts and the need for affordable apartments will be higher than ever. The one affordable complex under construction, Clyde Morris Landings in Daytona Beach, isn’t going to help much. We probably need as many as five or six more throughout the county. It would help if we could keep the Legislature’s hands off the fund that is supposed to help pay for affordable housing.
Commercial real estate activity heated up recently. Here’s a smattering of the transactions: Phoenix, Ariz., real estate firm, under the entity 1725 W Vogel LLC bought the Spanish Villas apartments at 1648 S. Palmetto Ave. in South Daytona for $5.575 million. Lennar Homes bought land along Jones Fish Camp Road, including riverfront, in Edgewater for $2.834 million. Lennar Homes bought vacant land next to Osteen Elementary School on Doyle Road in Deltona for $2.76 million.
The Cavallaro Group of Winter Park bought a 2.5-acre construction ready retail site at 1600 Dr. Martin Luther King Jr. Blvd. in Deltona for $2.18 million. Fort Lauderdale investors bought Tropical Resort & Marina at 1485 Lakeview Drive in DeLand for $2.1 million. St. Petersburg investor bought rental properties on Botefuhr Avenue in Daytona Beach Shores for $1.16 million. Starlight Homes bought a batch of lots in the Lincoln Oaks subdivision in DeLand for about $1.12 million. Owners of Florehab in Daytona Beach bought the office buildings next to Houligans on Dunlawton Avenue in Port Orange for $1.05 million.
A Daytona Beach couple, under the name Thoroughbred Classics, bought a warehouse building at 707 Commercial Drive in Holly Hill for $992,000. The Cordes family bought a warehouse building at 617 Commercial Drive in Holly Hill for $616,000. Edgewater investors bought the car wash property at 1980 S. Woodland Blvd. in DeLand for $460,000.
Lennar Homes apparently is pushing to overtake D.R. Horton as the busiest homebuilder in Volusia. Not the two transactions I already mentioned. Plus, construction is starting on houses in first phase of Integrated LPGA in Daytona Beach (just north of U.S. 92) with Lennar obtaining permits for 30 houses.
On a final note, the Circle K at LPGA and Clyde Morris boulevards in Daytona Beach will get a major remodeling. It probably is losing Dunkin Donuts with a new drive-through one nearby.
Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 24 years. Contact him at email@example.com (no hyphens) or follow him on Twitter @cecilbrumley.