Multifamily owner-operator American Landmark Apartments has acquired The Vinings at Palm Bay, a 320-unit apartment community in Palm Bay. The community has been renamed The Braxton and will undergo a $3 million capital improvements and rebranding program. The sales price and seller were not disclosed.

The community is located in Florida’s Space Coast region, which is home to aviation and manufacturing employers such as Harris Corp., Northrop Grumman, SpaceX and Space Coast Credit Union. Built in 1987, the property is located at 1000 Palm Place Drive NE and consists of one-, two- and three-bedroom apartments ranging in size from 595 square feet to 1,356 square feet. Amenities include two swimming pools, a fitness center and tennis court.

“Palm Bay and the surrounding cities of Melbourne, Titusville and Cape Canaveral are  enjoying significant job and population growth due to the area’s strong high-tech, defense and aerospace sectors, so now is an excellent time to be investing in quality rental housing in this region which will remain an important contributor to the U.S. economy for years to come,” said Christine DeFilippis, chief investment officer at American Landmark.

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