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| Marisol at Viera Apartments, 2439 Casona Lane, Viera, FL |
MELBOURNE, FL – Passco Companies has acquired Marisol at Viera, a 282-unit Class A
luxury multifamily asset in Melbourne, Florida for $50.25 million.
The apartment community is located within
Viera, a high-end 22,000-acre master planned community on the east coast of
Florida that features a variety of high quality retail, restaurants, office
space and residential options.
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| Colin Gillis |
“Marisol at Viera is the
best located and most luxurious multifamily property in the entire Melbourne
MSA,” says Colin Gillis, Vice
President of Southeast Acquisitions at Passco Companies.
“This is Passco’s first acquisition on the
Space Coast, and we are especially excited as the market is a top performer in
the state of Florida, with YTD rent growth leading the state with nearly 10%,
according to MPF.
"This is more than double the national average. Additionally, occupancy rates across the
submarket are well into the high 90’s with only one multifamily project in the
development pipeline.”
The region is often referred
to as the “Space Coast” based on its close ties to NASA and the growing
high-tech and aerospace industries.
Situated between Port Canaveral to the northeast and Melbourne to the
south, the area has the largest concentration of STEM (Science, Technology,
Engineering and Math) jobs in all of Florida.
The Space Coast has seen
tremendous job growth over the last few years, as several key employers in the
aeronautics, private space programs, and defense sectors have landed numerous
multimillion dollar contracts and announced exciting and innovative
projects.
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| Gary Goodman |
Employers including Harris
Corporation, Northrop Grumman, Elon Musk’s SpaceX and Lockheed Martin have been
rapidly expanding, hiring highly-skilled workers at very impressive wage
levels.
“The influx of well-paying
jobs has given a tremendous boost to the already strong rental market and has
created a very impressive demographic profile at the property, with average
resident incomes exceeding $100,000,” says Gillis.
“Home values and schools in Viera are also
exceptional, which will assist in maintaining long-term value. Additionally, Viera is the county seat of
Brevard County, which provides a very stable local government employment base.”
The property reached 96%
occupancy in seven months, often with months exceeding 40 leases, which is one
of the most impressive lease ups the firm has ever seen, according to Gillis.
“This demonstrates remarkable pent up
demand in the area for a luxury multifamily product,” he says. “The property
leased up with no concessions at an average rental rate of $1,400 / $1.44,
which far exceeds the rental rates many of the new Class “A” suburban apartment
developments in the greater Orlando area, just 45 minutes west of
Melbourne.”
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| Jay Ballard |
The core asset is directly adjacent to
The Avenues Viera, a Cousins-built 600,000 square feet, Class “A” outdoor
lifestyle center featuring a mix of premier national retailers and dining
options.
“The Avenues is the
premier retail destination for the entire area,” says Gillis. “Marisol benefits
tremendously from the drive-by traffic that is created by the shopping center.”
Marisol at Viera features
exceptionally designed interiors and a best-in-class amenity package including
two poolside bars and outdoor kitchens, a private club and amenities deck, a
clubroom and TV lounge, a 6,500 square-foot dog park with outdoor grooming
station, and electric car charging stations, among many other amenities.
“Ultimately, this
acquisition represents the high quality assets we seek to acquire and our
continued expansion in growing markets across the Southeast,” adds Gillis.
Marisol at Viera is
Passco’s third acquisition in Florida this year, bringing the firm’s total
multifamily acquisitions for 2016 to over $500 million, a benchmark the firm
has reached for the first time since its inception.
According to the firm’s
Senior Vice President of Acquisitions, Gary
Goodman, “This is our biggest year yet in terms of acquisitions. We doubled what we acquired in 2015, and plan
to continue this momentum into 2017. We are currently on track to do
approximately $1 Billion in acquisitions next year.”
The property is located at 2439 Casona Lane in Viera, Florida. The
seller, Pollack Shores, and the buyer were represented by Ken Delvillar and Jay Ballard at Cushman & Wakefield. Chris Black of KeyBank Real Estate
Capital’s Commercial Mortgage Group arranged acquisition financing for Passco
Companies through Fannie Mae.
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940