JLL Capital Markets announced that it has closed the $60 million sale of Highlands Viera West, a multihousing property in Melbourne, Florida, just southeast of Orlando.
JLL represented the seller, JMG Realty Inc., in completing the sale to the buyer, an affiliate of The ConAm Group, which owns and operates more than 4,000 apartment units throughout Florida.
Highlands Viera West with 240 units, is a two- and three-story, elevator-served suburban garden apartment community, featuring one-, two- and three-bedroom units with high-end finishes and best-in-class amenities, including a fitness center, deluxe clubroom and lounge and resort-style pool with a gazebo area. The property, constructed in 2008, was built to “condo quality”, with units averaging 1,250 square feet. JMG, added “hard surface” counters and LVT flooring on the interiors and expanded the fitness center in the clubhouse. The property is located immediately adjacent to The Avenues (500,000 SF power center), and has frontage directly along I-95.
Located at 2185 Judge Fran Jamieson Way, the apartments are positioned near Florida’s renowned Space Coast, the state’s largest and fastest-growing high-tech clusters; Cape Canaveral, touted as a key aerospace hub; and West Melbourne, known as a major defense technology hub. The Space Coast MSA continues to attract national talent, being a key economic driver, as its major employment hubs continue to boom. In addition, Highlands Viera West is proximate to various golf destinations, including Duran Golf Club and Suntree Golf Club, and many dining, retail and entertainment options nearby.
The JLL Capital Markets team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.