Legacy Partners and Griffin Capital Acquire OZ Property in Florida
Legacy Partners, a multifamily development and management firm, and Griffin Capital Company LLC, an alternative asset manager, announced the acquisition of a 10-acre site in an opportunity zone in Daytona Beach, Florida.
Legacy says they intend to develop a 350-unit, mid-rise multifamily community named Legacy Daytona. The site was acquired from Urban Story Ventures for $10 million.
Legacy Daytona will be adjacent to Volusia Mall, which encompasses more than one million square feet of retail space and has more than 120 tenants.
“This is an ideal location to develop much-needed and desired apartments,” said Jon Wood, senior managing director for Legacy Partners. “We expect Legacy Daytona to lease up quickly as there is a dense mix of desirable retail, entertainment, and dining in the surrounding area to support the residents, who will also enjoy an expansive onsite amenity package, as well as the lifestyle offered by Daytona Beach. Our residents will be able to walk to the Volusia Mall and One Daytona.”
Designed by Zyscovich Architects, Legacy Daytona will rise four stories and feature 350 apartment residences. Legacy says the community will be gated and fenced. Amenities will include a top floor sky lounge, outdoor living room, heated saltwater pool, reflection courtyard, cutting-edge fitness center, yoga and spin studio, a dog park and pet spa.
Chattanooga-based Urban Story Ventures, a Southeast commercial real estate development group, acquired the 10-acre Daytona Beach property at Volusia Mall as an investment in the spring of 2020.
“We saw great potential when we purchased the vacant department store and surrounding area back in 2020, before we had any insight on what the pandemic would do to malls across the country,” said Jimmy White, general partner, and president of Urban Story Ventures. In the coming months, like many other malls and connected department stores, the property was eyed for multi-family redevelopment. Its sits across the street from Daytona Beach International Airport and Daytona International Speedway.
Legacy Partners is a privately held real estate firm that was founded in 1968 and is headquartered in the San Francisco Bay Area, owns, develops, and manages multifamily communities throughout the United States. Legacy manages a portfolio of over 50 multifamily communities with more than 12,000 apartment homes with a gross value in excess of $3 billion.
Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing more than $23 billion in assets. The company’s alternative investments include interval funds in the company’s Institutional Access fund family, tax advantaged strategies, such as Delaware statutory trusts and opportunity zone funds, and non-traded real estate investment trusts.
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