Carter Multifamily, a Carter Funds company, has paid $37.7 million to acquire a 166-unit garden-style multifamily community located in Melbourne, Florida.
Located in the state’s Space Coast, southeast of Orlando, the property was formerly known as The Palm Bay Grand and will be rebranded to Mode at Melbourne. The property, which was built in 2020, spans approximately 218,592 rentable square feet and was 94.6% occupied at the time of acquisition, with an average monthly rent of $1,923.
The property will be managed by Allegiant-Carter Management, the in-house property management arm of Carter Funds.
“We’re excited to expand our multifamily portfolio into this dynamic, high-growth submarket along Florida’s Space Coast. Mode at Melbourne is well-positioned to capitalize on the region’s sustained population and job growth,” said Ray Hutchinson, CEO of Carter Funds. “With larger-than-average apartments, the property holds a unique competitive advantage and presents an excellent opportunity for value creation.”
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