500 Shadow Lakes Blvd
Ormond Beach, FL 32174
Tripointe Value-Add Portfolio - Central FL · Multifamily Property For Sale · 503 Units

CALL FOR OFFERS DATE IS DECEMBER 8, 2017 - PART OF THE SEVEN PROPERTY TRIPOINTE VALUE-ADD PORTFOLIO, CONTACT LISTING AGENT FOR DETAILS. Shadow Lakes is a 184-unit apartment complex in Ormond Beach, Florida. Ormond Beach, Florida is a desirable affluent suburb of Daytona Beach with above average demographics. It has experienced major growth over the last few years, which has resulted in substantial new retail and employment development such as the Florida Memorial Hospital and now serves as one of the premier cities to live in Volusia County. The property has a diverse unit mix of one- and two-bedroom units, each featuring vinyl or laminate flooring, a breakfast bar, dishwasher, air conditioning, a screened-in patio/balcony, and lake views and over-sized closets in select units. Residents enjoy community amenities including a swimming pool with barbecues, three on-site laundry facilities, a 24-hour fitness center, business center and two lakes. Mallards of Brandywine is a 168-unit apartment complex in DeLand, Florida. DeLand serves as Volusia County’s county seat, is home to the prestigious Stetson University, and is about 45 minutes from Orlando and 30 minutes from Daytona Beach. The property contains 19 garden-style buildings constructed with wood and stucco siding, situated on an expansive 14-acre site. Residents enjoy several convenient amenities including a swimming pool, 24-hour fitness center, business center, playground, and clothes-care center, all surrounded by large trees and lush landscaping. The property has a desirable unit mix with 75 percent two-bedroom and 25 percent one-bedroom. Each unit also contains energy efficient kitchen appliances, walk-in closets, ceiling fans, a patio/balcony, and washer/dryer connections. Ownership recently completed major capital improvements on the project totaling approximately $450,000. Wickham Village is a 151-unit apartment complex in Melbourne, Florida. Melbourne is a coastal town on the Indian River Lagoon known for its historic downtown, proximity to the beaches, thriving international airport and major employment in the technology, defense and tourism industries. This property is a great opportunity for investors to acquire a quality concrete-block-constructed asset at a significant discount from replacement costs. The building is comprised almost entirely of desirable two-bedroom/two-bathroom floor plans. The units are over-sized, averaging 1,000 square feet, and all include a private balcony/patio, dishwasher, central air conditioning, a breakfast bar, exterior storage rooms, full-size washer/dryer connections, and mini blinds. The site is complete with luxury amenities including a pool, basketball court, lighted tennis courts, two saunas, a lighted racquetball court, fitness facility, and clothes care center.