Commercial Real Estate, Capital, Insurance, Leasing & Management

Connect CRE: Franklin Street Completes $20M Sale of Affordable Community in Melbourne

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Franklin Street has arranged the $19.6-million sale of The Pines at Palm Bay, a 41-building, 216-unit, value-add multifamily in Palm Bay, FL. The community was 99.5% occupied.

Franklin Street’s Darron KattanZach AmesAvery Jordan and Mark Savarese brokered the transaction between seller Wells Boys & Girls Property Management and buyer SJA Partners.

“We are predicting Florida’s Space Coast, and the Melbourne / Palm Bay market in particular, will emerge as one of the most in-demand multifamily investment markets in the Southeast in 2022,” said Kattan. “The area is demonstrating the best market measurements in all of Central Florida, with the lowest overall vacancy rates, significant increases in rent, continuous population growth and a healthy household average income.”

“Class C properties in secondary markets like the Melbourne area are increasingly sought-after, as there is less competition from institutional investors and rising rents across the board are creating more rental demand for affordable housing,” added Ames.

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