Berkadia, a leader in the commercial real estate industry, announced the sale of Palm Bay Grand, a 166-unit garden-style multifamily community in Melbourne, Florida.
Managing Director David Etchison, Senior Managing Director Cole Whitaker, Director Mary Beale, and Director of Operations Lauren Gassie of Berkadia North & Central Florida led the transaction on behalf of the seller, Alabama-based TrimCor. Carter Multifamily acquired the asset, renaming it “Mode at Melbourne.”
“The new owners saw an opportunity to acquire a newer asset in a fast-growing coastal Florida market where they could add value through interior upgrades and operational expertise,” explained Whitaker. “Melbourne is just a short drive from Port Canaveral, one of the busiest cruise ports in the world, along with many space/aerospace industry employers, making it a desirable community for both tourism and tech industry workers.”
Located at 145 Cinnamon Cove Drive, the property was built in 2020 and consists of one-, two- and three-bedroom apartment homes averaging 1,707 square feet – the largest floor plans available in this market. Individual units feature granite countertops and stainless steel appliances, full-size washer/dryer connections, vaulted ceilings on the third floor, private offices in two- and three-bedroom layouts, oversized walk-in closets, and balconies/patios with storage.
Property amenities include a pool, fitness center, EV charging stations, a dog park ,and a resident clubroom. Select units offer lakefront views. Mode at Melbourne is located just 45 minutes south of Port Canaveral and one hour from Orlando International Airport in the Palm Bay-Melbourne-Titusville MSA, where major employers include SpaceX, Blue Origin, United Launch Alliance, The Boeing Company and L3Harris.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
