C&W Negotiates $42M Sale of Class A FL Community
- Feb 24, 2017
Orlando, Fla.—Cushman & Wakefield announced it negotiated the sale of Highlands Viera West, located at 2185 Judge Fran Jamieson Way in Brevard County’s Viera, Fla., to JMG Realty Group for $42 million. Senior Directors Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando Capital Markets Multifamily Advisory Group represented Branch Properties in the disposition.
The Class A, 14.8-acre community was developed in 2007, comprising one-, two- and three-bedroom floorplans, including loft and townhome units. With apartments being at an average of 1,265 square feet, the property was 95 percent leased at the time of sale.
In-unit features include private balconies; nine-foot ceilings; bathrooms with garden tubs, separate showers and double vanities; ceiling fans; kitchens with 42-inch upper cabinetry, self-cleaning ovens, black-on-black appliances, custom tile flooring and ceramic wall backsplashes; custom crown molding and trim; washer/dryer connections; linen closets; storage space and double garages in select units. Residents of Highlands Viera West have access to amenities such as a resort-style swimming pool with gazebo area, poolside kitchen and grilling space; a fitness club with a cardio room; a clubroom with a kitchen; a wine tasting lounge; a billiards room with plasma televisions; an internet cafe; a media center with surround sound; elevator access in select buildings; covered parking; a car care center and a walking trail to The Avenue Viera and Viera Market Center.
This was the second major Brevard County transaction for the team, the first being the largest multifamily sale in county history with the disposition of Marisol at Viera for $50.3 million in December 2016.
“Highlands Viera West offered investors the opportunity to acquire an institutional-quality, luxury asset with a unique array of amenities in one of Florida’s hottest multifamily markets,” said Ballard. “The robust Space Coast economy, which has rebounded since the shuttle program was shuttered, boasts the largest share of STEM-related jobs in the state and continues to drive investment in the region.”
Image courtesy of Cushman & Wakefield