American Landmark Buys Space Coast Community
The buyer plans to invest $3 million in upgrades for the property southeast of Orlando, Fla.
American Landmark Apartments has acquired The Vinings at Palm Bay, a 320-unit community southeast of Orlando, Fla. According to Yardi Matrix, the asset most recently traded in 2018 as part of a $57.5 million portfolio sale.
Built in 1987, the property in Palm Bay consists of one-, two- and three-bedroom apartments. Common-area amenities include a fitness center, tennis court and two swimming pools. American Landmark rebranded the asset as The Braxton and plans to invest $3 million in capital improvements, including upgrading the units with granite countertops, new cabinets, stainless steel appliances, new lighting fixtures, USB outlets and electronic locks. Outside upgrades include a grilling table and a dog park.
Located at 1000 Palm Place Drive NE, on 24 acres, the property is 3 miles east of Interstate 95. The surrounding area has several retail and dining options, including Palm Bay Center, which is within walking distance. Orlando Melbourne International Airport is 6 miles from The Braxton. The asset is within the Space Coast region, which is home to major employers such as Northrop Grumman and Harris Corp.
Following the acquisition, American Landmark owns and operates 22 multifamily properties in Florida and has a national portfolio of more than 33,000 units. In June, the company expanded its Georgia footprint with the acquisition of a 222-unit community in Marietta, Ga.