Palm Coast, FL Jack Peckham, president of Peckham Boston Advisors, sold 47 acres of undeveloped land on behalf of LR5A-JV Limited Partnership. Duval Realty Trust LLC purchased the property for $4.3 million. The land will be developed into 197 single-family condominiums.
Peckham’s associate in this sale was Margaret Connor of IRG Commercial, Inc., based in Altamonte Springs.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,