ApexOne Investment Partners (Fund V) have entered into a joint venture development agreement with Middle Street Partners to construct 389 apartment homes in South Daytona Beach, Florida. The site offers access to major healthcare, education, aviation, manufacturing, and logistics/distribution employers, including Halifax Health, AdventHeath Daytona, Embry-Riddle Aeronautical University, Brown & Brown, Daytona International Speedway, Daytona International Airport, Tanger Outlets, Tomoka Town Center, and Trader Joe’s Distribution Center.
The Deltona-Daytona Beach-Ormand Beach MSA is experiencing exponential growth. Daytona’s temperate year-round climate, highly skilled workforce, no state income tax, and lower cost of living continue to attract new businesses, including technology, manufacturing, insurance, automotive, medical, and military enterprises. The MSA is ranked eighth among the top 25 fastest-growing areas in the United States and, in 2022, was 6%+ more affordable than neighboring MSAs and 3.6% more affordable than the national average.
South Daytona Beach will provide a variety of one, two, and three-bedroom floor plans with a luxury clubhouse and community amenity package. Upon completion and stabilization, ApexOne will hold the property for cash flow and long-term appreciation.