About
About The Element At 464
The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 128-unit Element at 464 multifamily community located in Daytona Beach,Florida. The property is located in the high-growth Central Florida “I-4 Corridor” benefiting from significant population influx of 9.3% and an increase of 41% in median household income over the last five years. The property is strategically located in the city within a short distance of major drivers including Halifax Health Medical Center, Embry-Riddle Aeronautical University, Bethune-Cookman University, the Daytona One entertainment corridor and Daytona International Speedway and the Daytona International Airport.
The property is a 1970s built garden-style community built of concrete block with a courtyard setting configuration. Ownership has invested over $530,000 in capital improvements since acquisition including new signage, revamped landscaping, new exterior door and trim paint and various amenities improvements. With 44% of units fully renovated and 27% partially renovated, continued renovation of the remaining classic units will also result in a premium. Additionally, offers operational upside through bringing down units online, shoring up some recently elevated bad debt and fully saturating the property with the cable/internet revenue, utility reimbursements and charging for parking.
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