Cushman & Wakefield, as the exclusive advisor, has negotiated the sale of Princeton Parc, a 200-unit, value-add garden-style multifamily community in Melbourne for $35 million, or $175,000 per unit.
Executive Director Jay Ballard, Executive Director Ken Delvillar and Senior Financial Analyst Michael Mulkern of Cushman & Wakefield’s Florida Multifamily Investment Sales Team represented Boston-based Panther Residential Management LLC in the disposition. The buyer is Enzo Multifamily, a California-based investment firm that owns and operates multifamily assets in growth markets, with a significant and growing portfolio in Florida.
Completed in 2003, Princeton Parc comprises 23 two-story buildings featuring concrete block construction and direct-access units. The property features some of the largest floorplans in the surrounding market with one, two and three-bedroom units that average 1,154 square feet At closing, Princeton Parc was 97.5 percent occupied with an average market rent of $1,300.
Located at 4714 Crosswinds Court, Princeton Parc falls within the west Melbourne submarket, which is a magnet for employees working in Florida’s growing aerospace, technology and healthcare sectors. The property is less than one mile from Interstate 95, on the north side of Palm Bay Road NE, which serves as a main thoroughfare in the area and provides various retail and dining options.
Positioned on over 20 acres, the property provides a low-density setting of only 10 units per acre, as well as ample surface parking with 2.2 spaces per unit. Onsite amenities include a swimming pool and sundeck, fitness center, coffee bar, clubhouse, volleyball court, playground, business center and dog park.
Previous ownership recently implemented an extensive capital improvement program, including new exterior paint and roofs, parking lot resurfacing and extensive renovations to the clubhouse, amenities and landscaping. Approximately 30 percent of units were renovated with new appliances, resurfaced countertops, upgraded LED lighting ﬁxtures throughout, new plumbing ﬁxtures, wood laminate ﬂooring and USB outlets in the kitchen.
“With its unmatched unit sizes and the low-density feel, Princeton Parc will maintain a unique position within the market,” said Delvillar. “With upgraded units achieving rent premiums of $175 per month, Enzo Multifamily now has an excellent opportunity to continue this proven value-add program throughout the community and further enhance the remaining unrenovated units.”
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Ballard, Delvillar and Mulkern, as well as Troy Ballard, Zachary Sackley, Calum Weaver, Neal Victor, James Quinn and Errol Blumer in South Florida; Brad Capas, Nicholas Meoli and Michael Donaldson in West Florida. Robert Kaplan, Chris Lentz, and Mark Rutherford facilitate debt, equity, and structured finance transactions for the team throughout Florida.