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Ray Hutchinson Of Carter Multifamily Acquires 166-Unit Community In Melbourne For $37.7 Million

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SOLD
$37,700,000

Florida

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MultiFamily
Sold 02/27/2025
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Property Image
SOLD

Ray Hutchinson Of Carter Multifamily Acquires 166-Unit Community In Melbourne For $37.7 Million

149 Cinnamon Lake Circle

See Similar Deals
MultiFamily
Sold 02/27/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 149 Cinnamon Cove Drive in Melbourne, Florida. The sale price for the 166-unit garden-style community was $37.7 million, resulting in a price per unit of $227,108. The property, which was built in 2020, was previously known as The Palm Bay Grand and is set to undergo value-add renovations and rebranding to take advantage of the area’s strong job and population growth.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $37,700,000
  • Units: 166
  • Price Per Unit: $227,108
  • Address: 149 Cinnamon Cove Drive
  • Market: Melbourne
  • Buyer: Ray Hutchinson - Carter Multifamily

Ray Hutchinson, representing Carter Multifamily, facilitated the acquisition of Mode at Melbourne. The transaction highlights a strategic investment aimed at enhancing the property's value in response to the local market conditions.

Players

RH
Ray Hutchinson
3 deals$489.2M volume
BUYER

Details

SOLD
IMAGE: Ray Hutchinson DATE: 02/27/2025 ADDRESS: 149 Cinnamon Cove Drive MARKET: Melbourne ASSET TYPE: Multifamily BUYER: Ray Hutchinson - Carter Multifamily SALE PRICE: $37,700,000 UNITS: 166 ~ PPU: $227,108 NOTE: Carter Multifamily acquired Mode at Melbourne, a 166-unit garden-style community in Melbourne, Florida, for $37.7 million. The 2020-built property, formerly The Palm Bay Grand, will undergo value-add renovations and rebranding to capitalize on the region’s strong job and population growth.

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Debt Service Coverage Ratio (DSCR)

0.94x

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