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

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.