Carter Multifamily Expands in Florida
This community is situated on the state's Space Coast approximately 70 miles from Orlando.
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 covers 218,592 rentable square feet and 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.
At the time of purchase, the community was 95 percent occupied. It was previously named The Palm Bay Grand.
Carter plans to conduct value-add construction to the property, including exterior upgrades, interior renovations, operational efficiencies and property branding. Allegiant-Carter Management, Carter Funds’ in-house property management arm, will manage the community’s daily operations.
Located primely
Melbourne’s Space Coast, approximately 70 miles northwest of Orlando, is a rapidly expanding market fueled by substantial population and job growth. Residents are in proximity to major employers including Boeing’s Space and Launch division, Northrop Grumman, L3Harris, SpaceX and Blue Origin.
Residents have access to Melbourne’s outdoor activities, such as surfing, fishing, kayaking and boating, as well as to the nearby Eau Gallie Arts District. Dining and retail options are also nearby.
In Orlando, rent growth recently turned negative after a steady performance early in 2025. Average advertised asking rents on a trailing three-month basis were down 0.5 percent to $1,767. Occupancy rates also decreased in stabilized properties to 94.3 percent. Yet, the employment market is expanding.
