Institutional Property Advisors (IPA) successfully facilitated the sale and acquisition financing of Caribbean Isle Apartments, a 376-unit multifamily property located in Melbourne, Florida. The seller, Northland, was represented by IPA’s Luke Wickham and Justin Basquill while the buyer, Journey Capital, was secured by them as well. Brian Eisendrath and his team at IPA arranged $32.83 million in agency fixed-rate acquisition financing.
Built in 1990 with 25 residential buildings, Caribbean Isle Apartments offers two-story walk-up units with private garages and loft-style floor plans averaging at 818 square feet each. The community also boasts amenities such as a clubhouse, fitness center,and tennis courts.
The prime location of this property within the Melbourne-Palm Bay-Titusville area provides residents easy access to major employment centers including Port Canaveral,NASA Corporate Center,and Health First Holmes Regional Medical Center.Additionally,the vicinity is home to prominent high-tech employers like Northrop Grumman,Lockheed Martin Space-X,Rockwell Collins,L3/Harris,and Embraer.
