Newmark has completed the sale and financing of Caribbean Villas, a 160-unit Class B multifamily property located at 2639 Granada Bay Drive in Melbourne.
The property traded from Northland–an industry-leading real estate private equity firm based out of Massachusetts–to a joint venture comprising New York-based multifamily acquisition Cove Investment Group and Blue Star Equities.
Newmark Multifamily Capital Markets Executive Managing Director Ryan Moody, Vice Chairman Scott Ramey, Director Brad Downing, Associate Paul Grant, Vice Chairman Patrick Dufour, Director Cameron Wolfe and Managing Director Andrew Visnick represented the seller in the transaction.
“Caribbean Villas offers a low-density feel and a prime location within Melbourne, with proximity to great employment, retail and the beaches. The property will benefit from continued capital projects and interior upgrades,” said Moody.
“The sale of this value-add Melbourne community shows the demand in the multifamily sector remains robust,” said Ramey. “Investors continue to see returns that outpace the impact of economic headwinds, as vacancies remain low. We’re pleased to satisfy the needs of both clients and look forward to advancing future transactions on similar properties.”
The Newmark Multifamily Capital Markets team secured new acquisition financing from Valley National Bank, totaling $19.4 million. Vice Chairman Matt Williams, Director Kyle Schlitt and Senior Managing Director Daniel S. Fromm facilitated the loan behalf of the buyer, Cove Investment Group.
“We were able to move from term sheet to closing in 20 days. The entire team worked diligently to ensure we met an extremely tight timeline,” said Schlitt.
Caribbean Villas is a 160-unit value add investment offering located in the heart of the Space Coast MSA. The low-density two-story garden asset features a balanced mix of one- and two-bedroom apartments with private entries and lake views on select units. The property provides an amenity-rich environment for its residents, featuring a standalone clubhouse with gathering areas and a coffee bar, a pool with lounges and a summer kitchen, a pet park, outdoor grilling areas, a tennis court, on-site management and garages. Further enticing prospective buyers is the several million dollars worth of capital improvements that ownership infused since acquiring the asset, which included new roofs, plumbing, exterior stucco, balconies and stairs, landscaping, access gates and exterior lighting.
The property is surrounded by many destination retail and entertainment venues, including Lake Washington Road and North Wickham Road–providing access to over 500,000 square feet of lifestyle options–and Melbourne Square Mall, Historic Downtown Melbourne and The Avenue Viera. It is also a 20-minute drive from Hammock Landing, a 750,000-square-foot power center with retailers such as Target, Academy Sports + Outdoor and Ross.
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