Carter Multifamily Acquires Apartment Community In Melbourne For $37.7M

Carter Multifamily, a subsidiary of Carter Funds, has acquired Mode at Melbourne, a 166-unit garden-style multifamily community on Florida’s Space Coast, for $37.7 million.

The seller’s identity was not disclosed.

Originally constructed in 2020, Mode at Melbourne encompasses approximately 218,592 rentable square feet and was 94% occupied at the time of the transaction. The community offers one-, two-, and three-bedroom floorplans ranging from 1,219 to 1,853 square feet. Residents enjoy a range of amenities, including a resort-style pool with a sundeck, a fitness center, a resident clubroom, a playground, electric vehicle charging stations, a car care center, a dog park, and select units featuring water views.

Carter Multifamily intends to enhance the property through interior and exterior renovations, operational efficiency upgrades, and refreshed branding. Allegiant-Carter Management, Carter Funds’ in-house property management team, will oversee daily operations at the property.

Source:  RE Business