 |
| Melissa Marcolini Quinn |
ORLANDO,
FL – JLL Capital Markets has closed the $84.7 million sale of The
Haven at West Melbourne, a three-story, garden-style multi-housing
community located in West Melbourne, Florida.
JLL
represented the seller, Passco Companies, in arranging the sale to the
buyer, JT Capital. JLL also represented JT
Capital in arranging debt and equity financing for the acquisition.
 |
Emily Moallem
|
"Our
team at JT Capital saw this as a fantastic asset to add to our growing
Florida apartment portfolio,” said Rohun Jauhar, Partner with JT
Capital.
“We
are bullish on Florida, as we continue to see the state have the highest
population growth in the country, a strong jobs outlook and a sensible business
environment."
 |
| Rohun Jauhar |
The
JLL Capital Markets Sales and Advisory team representing the seller was led by
Managing Directors Ken Delvillar and Jay Ballard.
The
team representing the borrower was led by Senior Managing Directors Melissa
Marcolini Quinn and Lee Weaver with production support from Rob
Rothaug and Emily Moallem.
 |
The Haven at West Melbourne,
a three-story, garden-style multi-housing
community located 4550 Explorer Drive.
in West Melbourne, FL
|
The buyer plans to leverage value-add efforts within similar
assets in the immediate and surrounding areas to implement further performance
growth.
Consisting
of 13 buildings total, the community houses premium units averaging 1,164
square feet that feature full-sized washers and dryers, walk-in closets,
window coverings, 9-foot ceilings, hardwood-style vinyl flooring, granite
countertops and private balconies or sunrooms.
 |
| Ken Delvillar |
Community
amenities include a resort inspired pool and sundeck, an outdoor gourmet
kitchen, a 24-hour fitness center with free weights, business center,
children’s play park, billiards room, sand volleyball court, dog park and car
care center.
Situated
at 4550 Explorer Dr., the property provides access to top employers that
include L3Harris, Collins Aerospace, Northrop Grumman, Patrick Air Force Base,
Lockheed Martin and Blue Origin.
With
proximity to Melbourne Square, Hammock Landing, downtown Melbourne and Palm Bay
Road, the community offers residents several retail and dining options within
Melbourne.
 |
| Jay Ballard |
Additionally, the community is surrounded by
premiere healthcare including Health First, Steward Healthcare, and Kindred
Hospital as well as educational opportunities with Florida Institute of
Technology and Eastern Florida State College.
Residents
also have easy access to travel options with the property’s close location to
Melbourne Orlando International Airport and Port Canaveral.
“The
Haven at West Melbourne received an overwhelming response in the market, as it
represented an opportunity to implement an amenity and interior value-add
program to one of the last assets completed within the prior development cycle
back in 2010,” Delvillar said.
 |
| Lee Weaver |
“Having been institutionally owned for an
extended period of time by Passco Companies, the asset’s tenant base was an
attractive attribute due to high wages and education levels coupled with
explosive property performance over the past couple of years and most notably
over the prior two quarters.”
“While
the property’s performance has remained at levels higher than the national
average, JT Capital was able to recognize a unique value proposition due to
their direct localized experience in the market and even within the
neighborhood,” Quinn added.
“We
are very pleased to find our client a capital structure that suits their goals.
The debt and equity financing is a non-recourse, interest only, floating-rate
package with an interest rate cap and will allow a full modernization of the
unit interiors and amenities.
 |
| Rob Rothaug |
"As
long-term owners in the market, they are keenly conscious of the strong market
growth fundamentals revolving around the local technology and space
industries.”
JLL Capital Markets is
a full-service global provider of capital solutions for real estate investors
and occupiers.
The firm's in-depth local market and global investor knowledge
delivers the best-in-class solutions for clients — whether investment and sales
advisory, debt advisory, equity advisory or a recapitalization.
The firm has
more than 3,000 Capital Markets specialists worldwide with offices in nearly 50
countries.
For
more news, videos, and research resources on JLL, please visit our newsroom.
CONTACT:
Jenna
Sharp
JLL
M
+1 214 394 3356
JLL.com
