IPA Secures Buyer, Seller and Financing for Melbourne Apartment Deal

Institutional Property Advisors (IPA) secured both the sale and acquisition financing of Caribbean Isle Apartments, a 376-unit multifamily property in Melbourne, Florida. IPA’s Luke Wickham and Justin Basquill represented the seller, Northland, and secured the buyer, Journey Capital. An IPA team led by Brian Eisendrath arranged $32.83 million of agency fixed-rate acquisition financing.

Caribbean Isle Apartments is a 25-residential building property built in 1990. The units are made up of two-story walk-ups with private garages and loft-style floor plans averaging 818 square feet. Community amenities include a clubhouse, fitness center, and tennis courts. 

The property’s location in the Melbourne-Palm Bay-Titusville area gives residents access to employment centers such as Port Canaveral, NASA Corporate Center, and Health First Holmes Regional Medical Center. Major high-tech employers, including Northrop Grumman, Lockheed Martin, Space-X, Rockwell Collins, L3/Harris, and Embraer are nearby. 

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