Carter Multifamily has acquired Mode at Melbourne, a 166-unit garden-style multifamily community in Melbourne, Florida for $37.7 million.
Mode at Melbourne features one-, two- and three-bedroom homes. The units average 1,707 square feet in size while monthly rents at the time of acquisition averaged $1,923.
Community amenities include a pool, fitness center, EV charging stations, a dog park and a resident clubroom. Select homes feature views of the water.
Commercial Edge reports that the community, which was previously named The Palm Bay Grand, was 95 percent occupied when it was bought.
Carter plans to conduct renovations to the property, including exterior upgrades, interior renovations, and property branding. Allegiant-Carter Management, Carter Funds’ in-house property management arm, will manage the community’s daily operations.
With its pastel-painted, historic buildings, colorful murals, and sidewalks lined with palm trees, Downtown Melbourne combines a beachy vibe with locally-owned boutiques, restaurants, and bars. The atmosphere is fun-loving and carefree, but this is much more than a resort town. Downtown Melbourne is the business core of the Space Coast with major employers like the nearby Space Center, Rockwell Collins, Northrop Grumman, and Harris Corporation.
CARTER MULTIFAMILY is a privately held company focused on acquiring class B/C multifamily real estate investments that offer value-add enhancement opportunities and are favored by working class Americans seeking affordable rental housing. Carter Multifamily’s leadership team has significant experience in the multifamily real estate industry and leverages key industry relationships to acquire multifamily investments focused on GROWTH and INCOME.
