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MELBOURNE, FL-Locally based P.A.C. Land Development Corp. has sold its three-year-old, 280-unit Via Tuscany apartment compex to Thomas Day Properties for $26.5 million or $94,643 per unit, a record for this Central Florida Space Coast multifamily market.

Day bought the wood frame-stucco-clad structure at 300 Tuscany Way with a cap rate of 6.42%. The property is 50 miles southeast of Downtown Orlando.

“The record sales price per unit was achieved due to the property’s generous amenity package, unit features and P.A.C. Land Development’s strong reputation as a developer of class AA assets,” Kevin Judd, vice president, Apartment Realty Advisors, Boca Raton, FL, tells GlobeSt.com. Judd brokered the transaction.

“With an improving employment market, manageable permit issuance and bright economic outlook, the greater Orlando market is quickly becoming a primary target for private equity investment in multifamily real estate,” Judd says. “Combined with the decline in interest rates, we have seen cap rates declining by up to 75 basis points during the past eight months.”

Monthly rents at Via Tuscany range from $805 for a one-bedroom, one-bath unit, to $1,010 for a two-bedroom, two-bath unit, and $1,200 for a three-bedroom, two-bath apartment. The amenity package at the 30.5-acre property includes a clubhouse, business and fitness center, pool and sundeck, a 29-seat theater and indoor basketball and racquetball courts.

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