Luxury Space Coast Apartments Sell for $73M
- May 24, 2021
GMF Capital has acquired the 316-unit Oasis West Melbourne Apartments in West Melbourne, Fla., for $73.3 million from a joint venture between Equity Resources and Picerne Real Estate Group. The acquisition of the Class A asset was backed by a $45.7 million loan from Brookfield Financial, according to Yardi Matrix. The new owner rebranded the community as Azalea at West Melbourne.
The property delivered in April this year, following two years of construction work. Valley Bank financed the development with a $35.5 million loan.
Azalea, located at 220 Belgian Drive, has a mix of one- to three-bedroom apartments, with floorplans between 824 and 1,385 square feet. Units are equipped with smart home technology, and community amenities include a swimming pool, a tanning deck, a game room and rentable garage parking spaces.
Located at 220 Belgian Drive, the community is just northeast of the intersection of Interstate 95 with U.S. Highway 192, 4 miles southwest of Orlando Melbourne International Airport. The property is on the northern edge of a major hospitality and retail corridor along West New Haven Avenue.
GMF Capital is no stranger to Florida’s multifamily markets. In December, the investor purchased the 240-unit Bainbridge Ybor City luxury community in Tampa for $58 million. One month earlier, the company paid more than $25 million for a 200-unit garden-style Naples property.