Class AA Community Trades for $26.6MMELBOURNE, FL —ARA Florida’s Orlando office represented Boca Raton, FL-based Altman Development in the sale of the 298-unit Preserve at Longleaf (top right photo) multifamily community located in Melbourne, FL.
Kevin Judd (top left photo) of ARA’s Orlando office brokered the sale.
Constructed in 2006, The Preserve at Longleaf is an exceptional Class AA apartment community that is comprised of 23 two-story apartment buildings and a lavish 6,000-square foot clubhouse with fully-equipped fitness center, resort-style pool and spa, furnished sun deck, wet bar, indoor half-court basketball, kids’ Fun-n-Study center, media center with plasma TV, wireless internet access, billiards room, fully equipped business center and executive conference room.The community was 86% occupied at the time of the sale.
“The property is one of the newest and highest-quality apartment communities in Melbourne and the entire Space Coast of Florida,” said Kevin Judd, ARA’s Orlando-based broker for the transaction.
“Preserve at Longleaf’s low-density site plan, irreplaceable in-fill location and one-of-a-kind resort-style amenities make it an ideal multifamily investment asset.”
The Preserve at Longleaf is sited on an expansive 85.8 acre site, of which 59.2 acres comprise abundant lakes and wetlands, and the other 26.6 acres comprise the usable area.
The low density of only 11 units per usable acre creates a private, serene environment with attractive views. The property is strategically located only one-quarter mile north of the Brevard Community College Melbourne Campus.
“The Melbourne area has realized an incredible amount of job growth and economic stimulus in the past several years due primarily to billions of dollars worth of government contracts and investment in the area,” said Dick Donnellan, one of ARA Florida’s founding partners, who also represented the seller in the transaction. Donnellan is based in ARA Florida’s Boca Raton office.
“Preserve at Longleaf’s low-density site plan, irreplaceable in-fill location and one-of-a-kind resort-style amenities make it an ideal multifamily investment asset.”
The Preserve at Longleaf is sited on an expansive 85.8 acre site, of which 59.2 acres comprise abundant lakes and wetlands, and the other 26.6 acres comprise the usable area.
The low density of only 11 units per usable acre creates a private, serene environment with attractive views. The property is strategically located only one-quarter mile north of the Brevard Community College Melbourne Campus.
“The Melbourne area has realized an incredible amount of job growth and economic stimulus in the past several years due primarily to billions of dollars worth of government contracts and investment in the area,” said Dick Donnellan, one of ARA Florida’s founding partners, who also represented the seller in the transaction. Donnellan is based in ARA Florida’s Boca Raton office.
“The Preserve at Longleaf benefits from this investment due to its convenient access to numerous high-tech employers including Harris, Northrop Grumman , Patrick Air Force Base and the Kennedy Space Center,” Donnellan continued.
Remi Properties purchased the community from Altman Development for $26.6 million or $87,248 a unit. Low-level financing was arranged through Merrill Lynch. The trailing cap rate was 5.4%. 
The sale of Preserve at Longleaf tipped ARA Florida’s annual sales production to just over $100 million for the year ended 2008.
Contact: Marti Zenor at mzenor@ARAusa.com or 561-988-8800, ext. 112.
The sale of Preserve at Longleaf tipped ARA Florida’s annual sales production to just over $100 million for the year ended 2008.
Contact: Marti Zenor at mzenor@ARAusa.com or 561-988-8800, ext. 112.
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