Melbourne Apartment Community Sells In Brevard County’s Priciest Deal Of 2023

The largest Brevard County transaction of 2023 involved the sale of an apartment building in Melbourne.

Built in 1990 close to the intersection of North Wickham and Lake Washington Roads, Caribbean Isle, a 376-unit apartment development, was purchased for $71 million by Wickham Road Owner LLC, a subsidiary of Journey Capital, based in New York.

Northland Caribbean Isle LLC, a division of Northland Investment Corp., located in Newton, Massachusetts, was the seller. According to Brevard County records, Northland previously paid $22.6 million for the property in 2013.

A Florida brokerage team for Institutional Property Advisors — a division of Calabasas, California-based Marcus & Millichap Inc. — led by executive managing director Shelton Granade represented the seller in the transaction.

Source:  OBJ