Marcus & Millichap has facilitated the sale of Whispering Oaks, an 83-unit multifamily property located in Orange City, Florida. This garden-style community, built in 1986, features a mix of one- and two-story buildings, including over 50 townhome-style residences, and is situated in a prime location between the Orlando and Daytona Beach metro areas.
Key Takeaways
- Whispering Oaks, an 83-unit multifamily asset in Orange City, Florida, has been sold.
- The property is centrally located between Orlando and Daytona Beach, offering proximity to retail centers and major employers.
- The sale highlights strong investor demand for well-maintained multifamily properties in the rapidly growing Central Florida region.
Property Details and Location
Whispering Oaks, spanning approximately 5.2 acres at 240 Whispering Oaks Court, comprises 83 units. The property is a garden-style community with a blend of one- and two-story buildings, notably featuring more than 50 townhome-style residences. Each unit is equipped with a private patio or balcony. Community amenities include a laundry facility, a playground, and an on-site leasing office. Recent upgrades to the property include new roofs, updated siding, and fresh exterior paint, enhancing its appeal to investors and residents alike.
The strategic location of Whispering Oaks places it conveniently between the major metropolitan areas of Orlando and Daytona Beach. It is also in close proximity to essential retail hubs such as West Volusia Towne Center and Saxon Crossing. Furthermore, the property is a short drive from AdventHealth Fish Memorial Hospital and significant employers like Amazon, contributing to its desirability.
Investor Demand and Market Outlook
Ben Skinner, Senior Director of Investments at Marcus & Millichap, commented on the sale, stating, "As Central Florida continues to rank among the nation’s fastest-growing regions, the sale of Whispering Oaks exemplifies the level of investor demand for high-quality and well-maintained multifamily assets in the area." The marketing process attracted a wide range of investors, with the ultimate buyer being a well-capitalized fund focused on expanding its multifamily portfolio in the region.
Matt Prozzillo, also a Senior Director of Investments, acknowledged the seller’s efforts in maintaining and improving the property. "In large part, those efforts allowed the market to see the opportunity Whispering Oaks presented," Prozzillo said. "The buyer was most attracted to the ability to continue building on that work by implementing their own strategic renovation plan. Additionally, with many of the units being two-story townhomes, they saw an opportunity to capitalize on the growing demand for this type of housing in Orange City."
Marcus & Millichap’s Role
The transaction was exclusively marketed by Marcus & Millichap’s team, including Ben Skinner, Matt Prozzillo, Shelton Granade, Luke Wickham, Justin Basquill, and Sean Williams, who also procured the buyer. Marcus & Millichap, a prominent national brokerage firm, specializes in commercial real estate investment sales, financing, research, and advisory services. As of December 31, 2023, the firm had 1,783 professionals across over 80 offices, closing 7,546 transactions in 2023 with a sales volume of approximately $43.6 billion.