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

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.