American Landmark Expands Florida Footprint

Waverly Place. Image courtesy of IPA

American Landmark has bought the 208-unit Waverly Place in Melbourne, Fla., for $36.9 million. The seller was BG Capital Management. IPA represented the seller and procured the buyer. The property last traded in 2017, when Electra America sold it for $22.3 million, according to Yardi Matrix data. 

The two-story property, which was 95 percent occupied at the time of the sale, offers a mix of one- to three-bedroom floorplans ranging from 700 to 1,025 square feet. Its amenities include a pool, fitness center, business center, clubhouse and laundry center.

Located at 2334 Woodwind Trail, the property is 1 mile northeast of Northgate Plaza and less than a mile east of several quick-service restaurants. A spa and supermarket are also available within walking distance.

The community is in Brevard County, a hub for high-tech jobs, with employers such as L3Harris Technologies, NASA, Space-X and Blue Origin. The area is expanding, with a new 200,000 plus square feet distribution center, an $18 million Florida Tech Health Sciences building enlargement and the $40 million Lockheed Martin enlargement that newly opened its Fleet Ballistic Missile headquarters.

Executive Managing Director Shelton Granade, Senior Managing Director Luke Wickham and Senior Vice Presidents Justin Basquill and Sean Williams formed the IPA team that brokered the sale.

This year, American Landmark bought another community in Florida and has been active in other southern markets as well, acquiring assets in Tennessee, Texas and North Carolina.