132 Forest Lake Boulevard, Daytona Beach, FL, 32119, US

Forestlake Apartments

Asset Description

JLL is proud to present Forestlake Apartments, a 146-unit value-add investment opportunity in Daytona Beach, FL. Built between 1982 and 1985, the Property offers one- and two-bedroom units across five different floor plans. While current ownership has maintained the property to a “top-of-market” standard, no substantial efforts have been made to reposition the asset since their 2015 acquisition.

Conveniently located in southwest Daytona Beach, Forestlake provides easy access to the market’s major employers, educational institutions and retail destinations. Additionally, the Property's proximity to the intersection of I-95 and I-4 puts it within a 45-minute commute of Downtown Orlando, offering access to over 87,000 additional job opportunities.

With its convenient location and untapped repositioning potential, Forestlake Apartments offers investors an exceptional opportunity to acquire a well-maintained, value-add asset in a major Florida growth corridor.

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Attributes

Number of units

146

Investment strategy

Value Add

Occupancy

96%

Number of buildings

Media

Investment Highlights

ATTRACTIVE VINTAGE

Built in two phases between 1982 and 1985, Forestlake Apartments offers a lower-risk value-add opportunity in the spectrum of older vintage properties. The Property features copper plumbing and an electrical infrastructure free of aluminum wiring, further enhancing its appeal as a prudent investment choice.

CONVENIENT LOCATION

Forestlake Apartments’ position in southwest Daytona Beach provides convenient access to the area’s major employment centers, retail destinations and quality schools. Additionally, its location near the intersection of I-95 and I-4 provides residents with an easy commute to additional job centers in Orlando and the surrounding markets.

IMPECCABLY MAINTAINED

Forestlake Apartments has been maintained to a “best-in-class” standard by an experienced operator with a national presence. Without significant deferred maintenance to contemplate, complete focus can be dedicated to renovation upside rather than costly repairs.

PATH TO RENTAL UPSIDE

Minimal interior upgrades have taken place since current ownership’s 2015 acquisition. The combination of “classic” unit interiors and being well maintained positions the asset perfectly for a systematic renovation program to take advantage of the area’s strengthening fundamentals. Currently, the renovated comp set outpaces unrenovated rents at Forestlake by an average of $120 - $170 per unit.

ECONOMIC OCCUPANCY

With a strong and improving trailing collection story, Forestlake Apartments is a prime example of a well-performing asset. Without concern over historical operations, focus can be placed squarely on developing a clear path to rental upside.