Franklin Street has arranged the $30.6 million sale of a 229-unit multifamily portfolio in Melbourne, FL. The firm’s Tampa-based multifamily investment sales team of Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese brokered the transaction on behalf of both the seller, Scotto Properties, and the buyer, Topaz Capital Group.
“The Southeast continues to see strong demand from multifamily renters, fueled by sunbelt migration, low unemployment and strong economic factors,” said Ames. “As a result, we are seeing increased demand from investors, especially in secondary and tertiary markets like Melbourne, which are less competitive and provide significant value-add opportunity.”
The Harbor Village portfolio consists of two adjacent properties, one with 143 apartments units and one with 86 townhome units. Harbor Village Apartments and Harbor Village Townhomes site on a combined 12.23 acres located minutes from downtown Melbourne and nearby beaches. It is also convenient to major employers such as Northrop Grumman, Patrick Air Force Base and the Kennedy Space Center.