X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

MELBOURNE, FL-Alliance Holdings LLC of Chicago has set its sights on Florida’s Space Coast by acquiring its second multifamily deal in the past month. Alliance paid Jupiter Realty Corp., also of Chicago, an estimated $19 million or a below replacement cost of about $75,000 per unit for the 138-unit Park Village apartments in Melbourne and the 112-unit Malabar Lakes community in nearby Palm Bay.

The parties didn’t disclose the purchase price in a prepared statement. The estimated price was provided to GlobeSt.com by area multifamily brokers familiar with the Melbourne submarket and the assets involved in the transaction.

Last month, Alliance purchased the 300-unit, four-year-old Grand Oaks at the Lake apartments in West Melbourne from Columbus, GA-based Flournoy Development Co. for $30 million. The price equaled approximately $100,000 per unit for the 17-building, 96%-leased complex, as GlobeSt.com previously reported. Also in Central Florida, Alliance owns Crane’s Landing apartments in Winter Park and Orange Orlando apartments in Orlando.

Both Park Village and Malabar Lakes are 18-years old. Each asset is 96% occupied. Average asking rents are Malabar Lakes are $610 to $845 per month. Park Village average monthly rents are $625 to $810. Malabar Lakes is at 1018 Malabar Lakes Dr. Park Village is at 3099 Park Village Way.

Jupiter Realty purchased the properties in September 1999. The deal was done at this time “to take advantage of strong market conditions,” a representative for Jupiter tells GlobeSt.com. Alliance doesn’t plan to convert the properties to condos at this time. The deal took 30 days to complete, from contract signing to closing. The Boca Raton office of Apartment Realty Advisors represented Jupiter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.