Massachusetts Firm Enters Brevard County with a Bang

A multifamily investor from the Bay State is expanding its footprint in Florida and Palm Bay seems to have echoed its expectations perfectly—and so did Melbourne, FL.
Grand Oaks at the Lake

Grand Oaks at the Lake

A multifamily investor from the Bay State is expanding its footprint in Florida — specifically in Palm Bay and Melbourne, Fla. Three Brevard County apartment communities, Malabar Lakes, Park Village and Grand Oaks at the Lake, were included in the $47 million deal.

HC II LP of Denver sold the portfolio to Deancurt Melbourne LLC, which is an affiliate of Agawam, Mass.-based Deancurt Realty Group Inc. Managing Director Cole Whitaker and Senior Directors Hal Warren of Berkadia’s local department in Orlando brokered the sale, assisted by Jason Stanton of the company’s Tampa office.

The 112-unit Malabar Lakes is located in Palm Bay and it is currently 98.2 percent occupied. Its one- and two-bedroom floor plans feature fully equipped kitchens, pantries, washer and dryer connections, and a patios or balconies.

Park Village and Grand Oaks at the Lake are located in Melbourne. Park Village includes 138 one- and two-bedroom units that are currently 97.1 percent occupied, while the 300-unit, 98.3 percent occupied Grand Oaks at the Lake boasts one-, two- and three-bedroom units.

The properties were built in 1988, 1986, and 2000, respectively, and offer swimming pools, clubhouses, sports courts and barbecue areas. All three of them are located near Interstate 95 which means quick access to Orlando via Florida State Road 528.

Photo credit: Yardi Matrix