cottages-at-daytona-beach

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SUMMARY & HIGHLIGHTS

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The Opportunity

[CEROS OBJECT]

Executive Summary

Berkadia Real Estate Advisors is pleased to present The Cottages at Daytona Beach, the region’s premier “horizontal” Built-For-Rent (BFR) apartment community. This unique low density“horizontal” multifamily asset is perfectly situated minutes away from the Daytona International Speedway, Daytona’s international airport, and Daytona’s “World Famous” Beach. Not only does the property offer best of market connectivity to more than 130K+ jobs but also an ideal coastal lifestyle with 23-miles of expansive beaches and an abundance of luxury shopping and dining destinations. Future burn-off of the “construction discount” in lease-up rents, outstanding submarket fundamentals, and rental rates at competing top-of-market peers sets the stage for substantial future rent growth. The Cottages at Daytona Beach represents an unparalleled opportunity to acquire an ultra-exclusive Class AA property in the Built-For-Rent space utilizing conventional multifamily operations and traditional multifamily financing.

LONG-TERM INVESTMENT DURABILITY WITH SIGNIFICANT RENTAL UPSIDE TO NEW OWNER

OUTSTANDING SUBMARKET FUNDAMENTALS

EXCEPTIONAL JOB CONNECTIVITY

DAYTONA'S ECONOMY EXPERIENCING STRONG GROWTH

Fully Stabilized CLASS AA HORIZONTAL BUILT-FOR-RENT APARTMENT PROPERTY

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Investment Highlights

Irreplaceable community features timeless architecture representing best-in-class quality and finishes Constructed by one of the Nation’s largest multifamily developers and a Nationally renowned and award-winning architect

The region is projected to add an additional 12,000+ jobs in the next three years, catalyzed by recent new developments and the region's dominant industries Stemming from the region's exceptional job growth, the Daytona MSA has experienced rapid population growth in the past 6 years, adding over 50,000 new residents

Perfectly situated 2 minutes from I-95 offering superb connectivity to over 130,000 jobs within a 25-minute average drive time Located only 5-minutes from the Daytona International Speedway and Daytona's International Airport and only 10-minutes from Daytona's "World Famous" Beach

Effective rent growth totaled 13% in 2022, with future projections of 18% by the end of 2026 The Daytona submarket averages 95% occupancy and has averaged more than 95% occupancy over the past 8 years

Rental rates at competing Top-of-Market peers sets stage for future rent growth Removal of "construction discount" pressure creates significant rental headroom

MARket

THE COTTAGES AT DAYTONA BEACH

DAYTONA BEACH, FL

Built 2022 | units 283

PHOTO GALLERY

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. © 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.

TOM GENETTI

Managing Director 205.403.5545 tom.genetti@berkadia.com

Mortgage Banking

RUSS HARDY

PORTFOLIO LEAD Managing Director 404.422.0499 russ.hardy@berkadia.com

BRETT MOSS

Managing Director 321.319.1414 brett.moss@berkadia.com

TYLER SWIDLER

Associate Director 321.319.1415 tyler.swidler@berkadia.com

Investment Sales

CONTACT Info

Daytona Beach, FL | 283 Total Units

PRIVACY

SUMMARY & HIGHLIGHTS

MARKETS

GALLERY

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Privacy

The Daytona Beach area benefits from a diverse mix of industry and services, a highly skilled workforce, and low cost of living that combine to help the regional economy maintain a healthy balance and quality of life. Ranked one of the fastest growing U.S. Cities and one of the best places to retire by U.S. News & World Report, Daytona Beach has seen dynamic job and population growth in recent years. Branded as ‘The World’s Most Famous Beach’ and ‘The World Center of Racing’, The Daytona Beach Region continues to grow its tourism industry and attract job seekers throughout the country.

Property Tour

The Cottages at Daytona Beach:

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Fully Stabilized Premier "Horizontal" Built-For-Rent (BFR) Apartment Community

DAYTONA BEACH, FL | 283 TOTAL UNITS