JT Capital Pays $85M for Florida Asset

The Haven. Image courtesy of JLL Capital Markets

Passco Cos. has sold The Haven, a garden-style community in West Melbourne, Fla., to JT Capital for $84.7 million. JLL Capital Markets worked on behalf of the seller of the value-add asset and also assisted the buyer in closing on acquisition financing.

Located at 4550 Explorer Drive, within 4 miles of Melbourne Square, The Haven offers easy access to several retail and dining options. The property is also less than 5 miles away from several health-care providers, including Health First, Steward Healthcare and Kindred Hospital. Some of the top employers in the area, L3Harris, Collins Aerospace and Northrop Grumman, are within a 15-minute drive.

The property encompasses 13 three-story buildings and offers one-, two- and three-bedroom floorplans averaging 1,164 square feet. All units include washers and dryers, walk-in closets, hardwood-style vinyl flooring, granite countertops and private balconies or sunrooms. Community amenities include a pool, an outdoor gourmet kitchen, a fitness center and business center, children’s play park, billiards room, sand volleyball court, dog park and car care center.

JLL Capital Markets Managing Directors Ken DelVillar and Jay Ballard represented the seller and Senior Managing Directors Melissa Marcolini Quinn and Lee Weave, alongside Vice President Rob Rothaug and Production Associate Emily Moallem, represented the borrower.

This latest transaction comes on the heels of another deal closed by JLL in the area, the sale of the 275-unit Park Place in Oviedo, Fla., at the end of last year. DelVillar and Ballard were also part of the team that closed on that deal.