Franklin Street has arranged the sale of Paradise Cay Apartments, a 197-unit, 216,466-rentable-square-foot multifamily property in Melbourne, Florida, for $34 million, or $172, 588 per unit.
Franklin Street’s Tampa Multifamily Investment Sales Team of Darron Kattan, Zachary Ames, Avery Jordan, Mark Savarese, Cary Brown and Cameron Wolfe represented both the buyer, Topaz Capital Group LLC, and the seller Wells Boys & Girls Management. The transaction closed at contract price in a 1031 exchange.
The buyer plans to implement a significant value-add renovation program at the 1985-built community.
“With below market rents currently in place, Paradise Cay Apartments provides exceptional upside potential,” said Kattan. “The planned improvements paired with Melbourne’s continued population growth will provide strong, long-term returns for Topaz Capital Group.”
Floorplans at Paradise Cay Apartments include one-, two- and three-bedroom units ranging from 619 to 1,061 square feet. Community amenities include a swimming pool, basketball court and picnic areas and gated access.
Located at 1900 Post Road, the property is steps from the Indian River and walking distance to the 280-acre Wickham Park. It is also a mile from Eastern Florida State College and a convenient commute to downtown Melbourne and Melbourne International Airport.