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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.

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