Space Coast Multifamily Trades for $55M

After renovating the units, the seller was able to grow rents over its three-year hold period.

By John McCurry | January 07, 2020 at 09:03 AM

ROCKLEDGE, FL—This part of Florida has good proximity to thecluster of high-tech and aerospace industry firms along the state'sSpace Coast. That's where Continental Realty Corp. (CRC) has soldthe 252-unit Polo Glen Apartments for $55.25 million.

The transaction represents the first asset sale byBaltimore-based Continental Realty Fund IV, a $164 million fundthat seeks value-add retail and multifamily opportunitiesthroughout the country.

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