IPA BROKERS $25.3M SALE OF ORMOND BEACH APARTMENT COMMUNITY

ORMOND BEACH, FLA. — Institutional Property Advisors (IPA) has arranged the $25.3 million sale of Crowne at Ormond Beach, a 272-unit apartment community at 600 Crowne Commerce Court in Ormond Beach, roughly six miles north of Daytona Beach. The property was built in 2003 and features amenities such as a resort-style swimming pool and sundeck; clubhouse with a business center and fitness center; nature trails; laundry facilities; and private garages. Still Hunter III of IPA and Michael Donaldson of Marcus & Millichap represented the seller, Crowne Ormond Beach Associates, in the transaction. The buyer is Waypoint Residential. IPA is a division of Marcus & Millichap serving institutional and major private real estate investors in multifamily transactions.