Franklin Street Negotiates Melbourne Multifamily Asset Sale

Nov 04, 2019 No Comments by

Franklin Street has negotiated the sale of Bridgewater Pointe Apartments, a 100-unit rental community located in Melbourne, approximately 60 minutes southeast of Orlando.

Darron Kattan, Zach Ames, Kevin Kelleher, Robert Goldfinger, Joe Rubin and Avery Jordan of Franklin Street’s multifamily investment sales team represented  both parties in the transaction.

The seller, Northeast-based BWP Investors, LLC, is a private equity real estate investment firm. Ohio-based Bridgewater Apartment Partners, LLC acquired the property for $14.8 million, or $148,000 per unit, which represents the highest price per unit transaction ever for a similar vintage and asset class in Brevard County. Franklin Street had also arranged the sale of Bridgewater Pointe for $8 million in 2017. The property underwent a significant renovation since the 2017 purchase, with rents moving up as much as $500/unit/month during the seller’s ownership period.

“This transaction set a new record for highest per unit price for 1980s vintage assets, which was 40 percent higher than any previous sale in Brevard County,” said Kattan, managing director at Franklin Street.  “Investors still have a strong appetite for these type of multifamily assets in Central Florida.”

Built in 1987, Bridgewater Pointe is a two-story apartment property that includes 14 buildings with water views and full-size washer/dryer units in each unit. Tenants enjoy a convenient location with easy access to Interstate-95 and U.S. 192. The community,  located at 151 Eber Boulevard, also features desirable amenities that include a pool, clubhouse, fitness center, and a business center.

 

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Industry News, Multi-Family, NA
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