Franklin Street has arranged the sale of Paradise Cay Apartments, a 197-unit multifamily property in Melbourne for $34 million, equating to $172,588 per unit.
Darron Kattan, Zachary Ames, Avery Jordan, Mark Savarese, Cary Brown and Cameron Wolfe of Franklin Street represented both the buyer, Topaz Capital Group, LLC, and the seller, Wells Boys & Girls Management.
The transaction closed at contract price in a 1031 exchange.
The buyer plans to implement a significant value-add renovation program at the 1985-built community.
“With below market rents currently in place, Paradise Cay Apartments provides exceptional upside potential,” said Kattan. “The planned improvements paired with Melbourne’s continued population growth will provide strong, long-term returns for Topaz Capital Group.”
The property on Post Road is steps from the Indian River, a mile from Eastern Florida State College and a convenient commute to downtown Melbourne and Melbourne International Airport.
Source: RE Business
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