Institutional Property Advisors, a division of Marcus & Millichap, announced the sale and acquisition financing of Caribbean Isle Apartments, a 376-unit multifamily property in Melbourne, Florida.
Caribbean Isle Apartments is a 25-residential building property built in 1990. The units are made up of two-story walk-ups with private garages and loft-style floor plans averaging 818 square feet. Community amenities include a clubhouse, fitness center, and tennis courts.
“This transaction underscores the sustained trend of capital inflow to the state of Florida,” said Shelton Granade, IPA executive managing director. “The Melbourne area of Central Florida is increasingly desirable as it emerges as a hub for aerospace and high-tech employment.” Granade, IPA’s Luke Wickham and Justin Basquill represented the seller, Northland, and secured the buyer, Journey Capital.
Brian Eisendrath, Cameron Chalfant, and Jake Vitta of IPA Capital Markets arranged $32.83 million of agency fixed-rate acquisition financing.
The property’s location in the Melbourne-Palm Bay-Titusville MSA gives residents access to employment centers such as Port Canaveral, NASA Corporate Center, and Health First Holmes Regional Medical Center. Major high-tech employers, including Northrop Grumman, Lockheed Martin, Space-X, Rockwell Collins, L3/Harris, and Embraer are nearby.
