VIERA, FL-Allen Greenwald Real Estate Investments of Coral Gables didn't wait long to snap up the 250-unit Highlands of Viera West condominium community in this Space Coast submarket.

Greenwald bought the 10-building, 17.8-acre lakefront site almost on the day it was completed this month, area brokers tell GlobeSt.com. Greenwald paid the Highland Cos. of Alpharetta, GA $33.5 million, or $134,000 per unit and $136.41 per sf, for the 245,583-sf property.

The Melbourne-area property is in an affluent community, directly across from the 415,000-sf Avenue Viera retail-entertainment center recently developed by Atlanta-based Cousins Properties Inc., as GlobeSt.com previously reported. A 4.7-acre lake surrounds the property at 6401 Borasco Circle. Viera is a 38,000-acre, mixed-use development and Brevard County's newest municipality.

Kevin Judd, senior vice president, Apartment Realty Advisors, Boca Raton, and ARA principal Marc deBaptiste negotiated the sale for the seller. The buyer represented itself.

Judd tells GlobeSt.com he suspects the South Florida buyer rushed to buy the Highlands of Viera West because "Melbourne has been recognized as one of the hottest housing markets in the nation." Judd adds, "Viera is the Space Coast's newest and most exclusive master-planned community." The Highlands at Viera West also has a clubhouse building and 36 garages for tenant use.