Waypoint Residential Sells Two Apartment Communities on Florida’s Space Coast Totaling 576 Units
Scott Ramey, Brad Downing and Paul Grant of Newmark represented the Boca Raton, Fla.-based seller in the transaction.
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Scott Ramey, Brad Downing and Paul Grant of Newmark represented the Boca Raton, Fla.-based seller in the transaction.
Kevin Sanz of Orion Real Estate Group led the acquisition of the buyer, Limestone Millenia Plaza LLC. Brad Peterson and Whitaker Leonhardt of JLL represented the seller.
The properties represent over 430 keys.
The company will self-manage the property and two additional industrial properties it is acquiring this fall in Central Florida and on the Space Coast.
The multi-tenant complex is 98% leased to 28 tenants across multiple suites. The properties are situated on a 12.28-acre site, which features 521 surface parking spaces.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented both the seller and buyer in the transaction.
Ray Turchi and David Vaughan in Marcus & Millichap’s Orlando office had the exclusive listing to market the property on behalf of the seller, a private New York investor.
José Lobón, Trey Barry, Frank Fallon and Royce Rose with CBRE Capital Markets, represented the seller with the assistance of CBRE’s David Murphy.
Axiom Capital Corp. has structured and arranged a $6.1-million permanent loan (10-year, fixed rate, non-recourse) for the acquisition.
EDEN plans to break ground in June 2022 and expects to complete the project in September 2023.
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