Commercial Real Estate, Capital, Insurance, Leasing & Management

Palm Bay-Area Community Sells for Record Per-Unit Price

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The 100-unit asset traded for $148,000 per unit, a first in Brevard County for a 1980s multifamily property.

Excerpted from Multi-Housing News story.

Trinity Property Group has sold Bridgewater Pointe Apartments, a 100-unit community in Melbourne, Fla. Greenberg Apartment Communities acquired the Class C asset for $14.8 million or $148,000 per unit, the highest price paid for a 1980s multifamily property in Brevard County. According to Yardi Matrix data, the sale was subject to a $8.5 million loan from New York Community Bank.

Franklin Street represented both parties in the transaction. The brokerage firm also arranged the property’s previous sale, when Trinity Property Group purchased it for $8 million from TLC Management, Yardi Matrix data shows.

Located at 151 Eber Blvd., the property spans across more than 7 acres and provides easy access to both Interstate 95 and Dixie Highway. Bridgewater Pointe is 3.3 miles northwest from downtown Palm Bay and close to many shops and restaurants along Babcock Street. The Florida Institute of Technology is 1.4 miles north, while Orlando Melbourne International Airport is 3.7 miles of the community.

Built in 1987, Bridgewater Pointe consists of 14 two-story buildings, with floorplans averaging 1,150 square feet. Amenities include a waterscape, a swimming pool, a clubhouse, a fitness center and 200 parking spaces. The property underwent significant renovations during the past two years and was 96 percent occupied as of September, per Yardi Matrix data.

Franklin Street’s Darron Kattan, Zach Ames, Kevin Kelleher, Robert Goldfinger, Joe Rubin and Avery Jordan arranged deal. Part of the brokerage team was also instrumental in the $31 million sale of a 270-unit affordable asset in Bradenton, Fla.

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