Sinatra & Co. Acquire Florida Space Coast Asset for $64M

Sinatra & Co. Real Estate has expanded its Florida portfolio with the acquisition of Cocoa Grand Apartments, a 268-unit multifamily property in Cocoa, Fla., for $64.3 million. It is the Buffalo, N.Y.-based firm’s first property in Cocoa and its fifth multifamily family asset in the Sunshine State. The identity of the seller could not immediately be learned.

The buyer financed the acquisition through its SCRE FL Value Add Fund, along with contributions from Stolar Capital, The Nanula Family Office and Citi as the debt provider.

Berkadia Senior Managing Director Cole Whitaker, Managing Director David Etchison and Director Mary Beale arranged the sale on behalf of the seller. Senior Managing Director Bob Falese of Berkadia’s Philadelphia office arranged the financing on behalf of Sinatra & Co.

Cocoa Grand Apartments, located at 305 Laredo Drive, was built in 2022. The community is located near U.S. Highway 1, about 20 miles from the John F. Kennedy Space Center on Florida’s East Coast. It is a short distance from downtown Cocoa, Village Square, Space Coast Gardens and Brevard Museum of History & Natural Science. The property also has proximity to Eastern Florida State College, Rockledge Regional Medical Center and Woody Simpson Park.

The property has one-, two- and three-bedroom units, ranging in size from 1,168 to 2,154 square feet. Apartment features include granite countertops, stainless steel appliances, vinyl plank flooring, ceiling fans, walk-in closets, washer and dryer hookups and balconies or patios. Community amenities include a pool with a sundeck and cabanas, as well as a fitness center, clubhouse, business center and dog park.

Sinatra & Co. also plans to make upgrades at the property, including amenity and landscaping improvements. The company will have onsite property management operations that will be centrally coordinated from Sinatra & Co.’s Tampa headquarters.

Expanding portfolio

The real estate firm focuses on multifamily acquisition, property management and development. Sinatra & Co. owns and operates apartment properties throughout Upstate and Western New York, Illinois and Florida. The firm and its affiliates manage more than $750 million in real estate assets comprised of more than 4,500 multifamily units. Sinatra & Co. has a pipeline of more than $300 million in upcoming projects.

One of its recent Florida acquisitions is Captiva Club, a 361-unit community that was purchased in September 2023 from Eagle Property Capital for $45.7 million. The 20-acre property is about 9 miles from downtown Tampa and less than 5 miles from the Tampa International Airport.