Park View

Orange City, FL

15

UNITS

1921

YEAR BUILT

0.37

ACRES

12,345

SQUARE FEET

PURCHASE PRICE

Investment Overview

Park View is a 15-unit mixed use apartment building located in Orange City, a submarket of Volusia County just 6 miles south of Deland, 5 miles north of Deltona and minutes from I-4. The property consists of one, two-story building made of wood frame construction containing 11 one-bedroom/one-bathroom units averaging 737 square feet and 4 ground floor retail units averaging 1,059 square feet. This asset has recently received substantial interior and exterior capital improvements and is being delivered near full stabilization with upside in leasing the remaining three vacant retail units and reducing in-place loss to lease of apartment units.

The property is located in Orange City, just 30 miles north of Orlando and 30 miles west of Daytona Beach in west Volusia County. Residents enjoy proximity to Stetson University which was recently ranked No. 4 on U.S. News & World Report’s 2023 list of Best Regional Universities (South), and other points of interest such as: Blue Springs State Park, Hontoon Island, Stetson Mansion, and major employment hubs. Top employers in west Volusia County include AdventHealth, Halifax Health, Amazon and Stetson University. Residing minutes west of I-4, Orange City is near a new, 1,400,000 square foot, Amazon Fulfillment Center, Halifax Health Emergency Department and Deltona High School. Population growth projections of 7.7% are expected over the next five years, providing numerous tailwinds for the local multifamily sector. Current vacancy rates are nearing all-time lows of 2.5%, well below the national average of 5.5%. All while maintaining strong rent growth of 10.7% over the most recent trailing 12-month period.

Investment Highlights

  • Significant capex recently completed
  • All interiors are renovated
  • Turn-key asset
  • Immediate upside in rental rates and leasing vacant retail space
  • Great location in Orange City

Location Highlights

  • Minutes east of Blue Springs State Park and Hontoon Island State Park
  • New 1.4M SF Amazon fulfillment center nearby creating thousands of jobs and immense local economic impact
  • In proximity to I-4 allowing easy access to employers and entertainment
  • Located 6 miles south of Stetson University and downtown Deland
  • Located 28 miles north of downtown Orlando

Contact

Rob Graham
Associate
+1 407 733 5764
rob.graham@colliers.com

Miles Tombrink
Director
+1 813 716 2781
miles.tombrink@colliers.com

CONFIDENTIALITY AGREEMENT

THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by Colliers Florida Multifamily (“Broker”), exclusive listing broker for the Property, and the undersigned Purchaser (“Purchaser”) regarding the Property herein (“Property”). The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner(s). PURCHASER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the Property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows: 1. Purchaser will not disclose, permit the disclosure of, release, disseminate or transfer; any information obtained hereunder (“Information”) to any other person or entity. 2. If Purchaser is a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have need to know of the information, and who are specifically aware of the Agreement and agree to honor it. 3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general public. Purchaser understands that all information shall be deemed confidential, valuable and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker. 4. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time, or in any manner, be used for any other purpose. 5. Purchaser shall not contact directly any persons concerning the Property, other than Broker, without Broker’s or Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers and tenants. 6. Purchaser acknowledges that it is a principal and not an agent on behalf of any other party in conjunction with the purchase of the Property (except Advisors working on behalf of their pension fund clients). Purchaser acknowledges that it is not working with any other broker or agent other than The Babb Group in connection with this transaction. 7. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of any information provided by them. Purchaser assumes full and complete responsibility for reconfirmation and verification of all Information received and expressly waives all rights of recourse against Owner and Broker with respect to the same. 8. The Persons signing on behalf of Purchaser and Broker represent that they have the authority to bind the party for whom they sign. 9. This Agreement shall be governed and construed in accordance with the laws of the State of Florida. 10. No outside broker represents Purchaser. Purchaser is working with Colliers Florida Multifamily, specifically The Babb Group. Furthermore, Purchaser indemnifies Broker and owner against any commission claims by brokers on this listing or any listing by the Babb Group for the six months following the date of this agreement.