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Florida & Gulf Coast  + Central Florida  + Apartments  | 
Harbor Village apartments in Melbourne, FL

Franklin Street Arranges $31M Sale of Multifamily Portfolio in Melbourne

Franklin Street has arranged the $30.6 million sale of a 229-unit multifamily portfolio in Melbourne, FL. The firm’s Tampa-based multifamily investment sales team of Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese brokered the transaction on behalf of both the seller, Scotto Properties, and the buyer, Topaz Capital Group.

“The Southeast continues to see strong demand from multifamily renters, fueled by sunbelt migration, low unemployment and strong economic factors,” said Ames. “As a result, we are seeing increased demand from investors, especially in secondary and tertiary markets like Melbourne, which are less competitive and provide significant value-add opportunity.”

The Harbor Village portfolio consists of two adjacent properties, one with 143 apartments units and one with 86 townhome units. Harbor Village Apartments and Harbor Village Townhomes site on a combined 12.23 acres located minutes from downtown Melbourne and nearby beaches. It is also convenient to major employers such as Northrop Grumman, Patrick Air Force Base and the Kennedy Space Center.

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Franklin Street’s Ames

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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