Carter Multifamily has acquired Mode at Melbourne, a 166-unit garden-style multifamily community in Melbourne, Fla., for $37.7 million. Completed in 2020, the community is situated on the state’s Space Coast, southeast of Orlando. 

Mode at Melbourne features one-, two- and three-bedroom homes. The units average 1,707 square feet in size while monthly rents at the time of acquisition averaged $1,923.

Community amenities include a pool, fitness center, EV charging stations, a dog park and a resident clubroom. Select homes feature views of the water.

Commercial Edge reports that the community, which was previously named The Palm Bay Grand, was 95 percent occupied when it was bought.

Carter plans to conduct renovations to the property, including exterior upgrades, interior renovations, and property branding. Allegiant-Carter Management, Carter Funds’ in-house property management arm, will manage the community’s daily operations.