Lymestone Ranch Apartment Homes

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Lymestone Ranch (“The Property”), a 216-unit garden-style community built in 2004 at 10101 Lymestone Court in New Smyrna Beach. Strategically positioned in one of Florida’s “50 Best Beach Towns in the South,” the Property offers residents 17 miles of white sand beaches and award-winning surfing while maintaining proximity to Epic Flight Academy, America’s largest FAA Part 141 flight school training pilots for 300+ airlines worldwide at the adjacent New Smyrna Beach Regional Airport, and Boston Whaler’s manufacturing operations. The Property also benefits from access to Daytona Beach’s diverse employment base, including NASCAR headquarters (8,700 employees), Halifax Health (3,200 employees), and major industrial expansions led by Amazon’s new 1,000-job robotic fulfillment center. Lymestone Ranch features an attractive unit mix of 1, 2, and 3-bedroom apartments with an average size of 972 square feet, providing spacious coastal living in a market supported by $100,189 average household income within one mile and 17% population growth since 2010. The Property presents significant value-add potential through interior renovations across all 216 units, with rental premiums averaging $225 per unit achievable with upgrades such as tile backsplash, luxury vinyl flooring, upgraded cabinets, quartz countertops, and plumbing fixtures. Operating within a highly supply-constrained coastal submarket with only one property under construction and minimal historical delivery of just 2 properties totaling 333 units over the past five years, Lymestone Ranch is positioned to capitalize on strong demographic fundamentals and growing employment demand while benefiting from natural barriers to new competition in this attractive coastal market.