### Carter Multifamily Acquires Mode at Melbourne for $37.7M
Carter Multifamily has purchased **Mode at Melbourne**, a 166-unit garden-style multifamily community in Melbourne, Florida, for **$37.7 million**. Completed in 2020, the property is located on the state’s **Space Coast**, southeast of Orlando.
Mode at Melbourne offers **one-, two-, and three-bedroom homes**, with units averaging **1,707 square feet**. At the time of acquisition, **monthly rents averaged $1,923**.
### Community Features & Occupancy
The community boasts a range of amenities, including a **pool, fitness center, EV charging stations, a dog park, and a resident clubroom**. Additionally, select homes offer **waterfront views**.
According to **Commercial Edge**, the property—previously known as **The Palm Bay Grand**—was **95% occupied** at the time of purchase.
### Future Plans
Carter Multifamily plans to implement **renovations**, including **exterior upgrades, interior improvements, and rebranding**. **Allegiant-Carter Management**, the in-house property management division of Carter Funds, will oversee the community’s **daily operations**.
