MELBOURNE, FLORIDA – Bridgewater Pointe Apartments, a 100-unit rental garden-style property located at 151 Eber Road in Melbourne, was sold for $8 million.
BridgeWater Pointe is a two-story apartment property that includes 14 buildings with water views and full size washer/dryer units in each unit. Tenants enjoy a convenient location with easy access to Interstate-95 and U.S. 192.
The community also features desirable amenities that include a pool, clubhouse, fitness center, and a business center. BridgeWater Pointe was 96% occupied at closing.
Both the seller and the buyer are private investors. Franklin Street’s Robert Goldfinger and Matthew Kesterson represented both parties in the transaction. Franklin Street’s Lonnie Kitchen provided insurance services and the buyer selected Franklin Street Management to manage the asset.
Built in 1987, BridgeWater Pointe is the second multifamily asset transaction that Franklin Street has completed for the buyer. Franklin Street also represented the same investor in the purchase of the Seastone Luxury Apartments in Tampa’s Temple Terrace submarket for $9.9 million in 2016. Franklin Street was also appointed as the exclusive property manager and insurance services advisor for both properties.
“Working with Franklin Street has allowed our firm to grow its multifamily portfolio exponentially in a short period of time,” said Anthony Triglia, whose private equity firm bought Bridgewater Pointe. “From brokerage to lending, property management, insurance and even due diligence, Franklin Street has positioned itself as a true full service real estate solution for the investor. Franklin Street’s breadth of services and experience has been instrumental in our success and will be a key factor as we continue to acquire new investments in the future.”
“BridgeWater Pointe generated strong interest, and the asset has great upside due to the location, it’s concrete block construction, water views and large two-bedroom/two-bath layouts, along with below market rents,” said Kesterson, Senior Director at Franklin Street. “For their second multifamily purchase in Florida, the buyer was drawn to the property based on its high-demand location near the beaches, the Florida Institute of Technology and Melbourne International Airport.”
“This transaction is a great example of Franklin Street’s unique ability to offer a multitude of services—from sourcing capital to providing insurance to managing the property—in one setting for our clients,” said Goldfinger, Managing Director at Franklin Street. “Brevard County is undergoing significant economic growth and BridgeWater Pointe is a prime candidate to add value through modest interior renovations.”