Franklin Street Arranges $34M Sale of Melbourne Multifamily Property
Franklin Street has arranged the sale of Paradise Cay Apartments, a 197-unit multifamily property in Melbourne, FL for $34 million ($172, 588).
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.
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.