Philadelphia-based GoldOller Real Estate Investments has picked up a two property multi-housing unit portfolio in Florida’s east coast city of Port Orange. The two assets traded are the 209-unit Pierpoint Apartment Homes project located at 1010 Swallow Tail Drive and The Groves Apartment Homes, a 172-unit community located at 3780 South Clyde Morris Blvd. Both properties were 94 percent leased at the time of the sale. CBRE Institutional Properties arranged the sale on behalf of a joint venture between Och Ziff Real Estate, Cocke Finkelstein Investments, and Wharton Equity Partners. Terms of the deal were not disclosed.
“The sale of these two properties to a single buyer demonstrates the growing interest in the Volusia County area of Central Florida. These two properties are about 45 minutes from the Orlando MSA, and garnered very competitive bidding from investors seeking value-add yields in the emerging Daytona Beach marketplace,” said Shelton Granade, CBRE Vice Chairman.
