Ascent Acquires 166-Unit Multifamily Property From James Dondero For $38 Million In Melbourne FL

A 166-unit multifamily property located at 8920 Trafford Drive in Melbourne, Florida, was acquired by an Ascent affiliate from a NexPoint affiliate. The sale took place for $38 million, translating to approximately $228,916 per unit. The property, known as Azul at Viera, was constructed in 2020 and was reported to be 95% occupied, generating $2.37 million in net operating income. It is currently encumbered by a $32.86 million securitized floating-rate loan tied to SOFR plus 255 basis points, with a maturity date in 2031.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $38,000,000
• Buyer: Ascent
• Seller: James Dondero - NexPoint
• Units: 166
• Price Per Unit: $228,916
• Market: Melbourne, FL
• NOI: $2.37 million
• Loan Amount: $32.86 million
• Loan Type: Securitized floating-rate loan
• Loan Tie: SOFR plus 255 bps
• Maturity: 2031

The transaction involved James Dondero representing NexPoint in the sale to Ascent. The acquisition reinforces the ongoing investment activity in the multifamily market, showcasing a commitment from Ascent to expand its portfolio with highly occupied and income-generating properties.