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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.
- ◦Sale/Acquisition
