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Topaz Capital Group, LLC and Apple Core Holdings, LLC, have acquired and rebranded The Park at Topaz Cay in Melbourne, FL for $33 million.

Topaz Acquires Tenth FL Multifamily with $33M, Class B Melbourne Purchase

Topaz Capital Group, LLC, and an affiliate of Apple Core Holdings, LLC, have acquired a 197-unit, Class B+ multifamily property in Melbourne, FL for $33 million. The property will be rebranded to The Park at Topaz Cay.

The acquisition loan was provided by Arbor Realty Trust, Inc’s Bridge Balance Sheet Program and was structured with three-year terms, full term interest-only with a floating rate and pre-payment options.

The Park at Topaz Cay Apartments was built in 1985. The property offers one- to three-bedroom garden-style apartments and amenities such as a swimming pool, laundry facilities, clubhouse, basketball court, courtyard, maintenance on-site, 24-hour access, planned social activities and car wash area.

The acquisition brings Topaz’s total multifamily acquisition and development portfolio to be in excess of $375 million, with 2,500 units in 10 properties across Florida. Topaz aims to expand its portfolio to over $500 million by Q2 of 2023.


Inside The Story

Topaz Capital Group, LLC

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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