Journey Capital Acquires 327-Unit Caribbean Isle Apartments In Melbourne, FL For $71M | 2848 Caribbean Isle Boulevard | Jake Vitta, Brian Eisendrath, Cameron Chalfante, Shelton Granade, Luke Wickham, Justin Basquill | MultiFamily | Sale

Summary

Sale

FLORIDA

MultiFamily

The Caribbean Isle Apartments, a 327-unit multifamily property spanning 25.6 acres, has been sold in a transaction worth $71 million. The Class A property is located at 2848 Caribbean Isle Boulevard in Melbourne, Florida. The sale was facilitated by Northland, with Lawrence R. Gottesdiener serving as the seller.

Summary of transaction details

Property Type: Multifamily
Transaction Amount: $71,000,000
Address: 2848 Caribbean Isle Boulevard, Melbourne, FL
Market: Melbourne
Units: 327
Price Per Unit: $217,125
Acres: 25.6

Journey Capital emerged as the buyer in this deal. The brokerage services were provided by Marcus & Millichap, with Justin Basquill, Luke Wickham, and Shelton Granade handling the transaction on behalf of the seller. Financing for the acquisition was secured through a five-year, $32.8 million Fannie Mae loan from M&T Bank. The mortgage brokers involved in arranging the financing were Brian Eisendrath, Cameron Chalfante, and Jake Vitta representing Institutional Property Advisors.

Players

All
8

Agents
6
Agencies
2

Jake Vitta

Managing Director

$193.5M Sold

Brian Eisendrath

Executive Managing Director

$480M Sold

Cameron Chalfante

Senior Managing Director

$449.8M Sold

Shelton Granade

Executive Managing Director Investments

$1.2B Sold

Luke Wickham

Senior Managing Director Investments

$762.3M Sold

Justin Basquill

First Vice President

$691.4M Sold

Marcus & Millichap

Institutional Property Advisors

Details

Deal Summary

SOLD

IMAGE: Justin Basquill, Brian Eisendrath, Luke Wickham, Lawrence R. Gottesdiener, Shelton Granade, Jake Vitta & Cameron Chalfante DATE: 10/24/2023 ADDRESS: 2848 Caribbean Isle Boulevard MARKET: Melbourne ASSET TYPE: Multifamily ~ ACRES: 25.6 BUYER: Journey Capital SELLER: Northland (@NorthlandCommunities) - Lawrence R. Gottesdiener BROKERS: Justin Basquill, Luke Wickham (@lukewickham) & Shelton Granade - Marcus & Millichap (@MarcusMillichapinc) LENDER: M&T Bank (@MandT_Bank) MORTGAGE BROKERS: Brian Eisendrath (@BrianEisendrath1), Cameron Chalfante (@Cameronchalfant) & Jake Vitta (@jakevitta) - Institutional Property Advisors SALE PRICE: $71,000,000 UNITS: 327 ~ PPU: $217,125 NOTE: Northland has sold the Caribbean Isle Apartments, a 327-unit community in Melbourne, Fla., to Journey Capital for $71 million. The Class A property was financed with a five-year, $32.8 million Fannie Mae loan from Manufacturers and Traders Trust Co., with the transaction and financing arranged by two IPA teams.

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Address2848 Caribbean Isle Boulevard

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