Commercial Real Estate, Capital, Insurance, Leasing & Management

Franklin Street Arranges Sale of 216-Unit Affordable Housing Property in Melbourne / Palm Bay, FL, for $20M

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A new report from Franklin Street identifies the Melbourne area as one of the Southeast’s most opportunistic investment markets

MELBOURNE, FL (November 4, 2021) – Franklin Street has arranged the $19.6 million sale of The Pines at Palm Bay, a 216-unit, value-add multifamily property in Palm Bay, Florida, a city just south of Melbourne on the state’s East Coast. The affordable housing community is situated in one of Florida’s strongest multifamily markets, which is positioned to become the next hot spot for multifamily investment, according to a new research report from Franklin Street.

Franklin Street’s Tampa-based Multifamily Investment Sales Team of Darron KattanZach Ames, Avery Jordan and Mark Savarese brokered the transaction between the seller, Wells Boys & Girls Property Management, and the buyer, New York-based 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.”

At 3016 Pinewood Drive NE, The Pines at Palm Bay consists of 41 two-story buildings on approximately 13 acres. The property features one- and two-bedroom units averaging 833 square feet and was 99.5% occupied at the time of sale.

“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. “We expect to see many more properties like The Pines at Palm Bay hitting the market soon.”

The Pines at Palm Bay is minutes from Downtown Melbourne, Melbourne Beach and major employers such as L3 Harris, Northrop Grumman, Patrick Air Force Base and the Kennedy Space Center. A few minutes North is Florida Institute of Technology University, which annually enrolls over 7,000 students and staff members.

Amenities include laundry facilities, two swimming pools and a clubhouse.

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide.  Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.

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