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2848 Caribbean Isle Boulevard
SOLD

Journey Capital Acquires 327-Unit Caribbean Isle Apartments In Melbourne, FL For $71M

2848 Caribbean Isle Boulevard

MultiFamily
clock iconSold 243 days ago
Jake Vitta
Brian Eisendrath
Cameron Chalfante
+ 4
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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's profile picture
Jake Vitta
Institutional Property Advisors-image
Managing Director
$193.5M Sold

Details

Deal Summary
minus icon
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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