The Resplendent is a 14.88 acre site zoned and approved for 267 units of apartments. All engineering and architectural has been complete and most permitting is in place. The site is at the entrance to an upscale gated community with East and West golf course frontage.

The Resplendent is located within the 1,250 acre Venetian Bay planned unit development approved for 3,000 homes. There are currently 1,000+ single family homes built, providing excellent support facilities including a town center with retail and restaurants and an 18-hole golf course with a 6,718 square foot clubhouse facility.

There is a minimum supply of market rent apartment projects within the subject's immediate neighborhood area. Based on population and household projections over the next five years, the Daytona Beach MSA can support approximately 430 units per year. The Florida Apartment Association estimates a current 94% occupancy in Volusia County.

Location Description:

The subject is in the western portion of the City of New Smyrna Beach and is considered a suburban location. The city of New Smyrna Beach is located in east Volusia County and is one of the primary population centers in the county.

The neighborhood boundaries are detailed as follows: North: Dunlawton Avenue/Taylor Road, South: State Road 44, East: U.S. Highway 1, West: State Road 415.

Highlights:

>> 14.88 acre site

>> Approved for 267 units of apartments

>> Located within 1,250 acre Venetian Bay PUD

>> Venetian Bay includes an 18-hole golf course

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