Carter Multifamily's New Acquisition in Florida's Space Coast
Carter Multifamily has made a notable addition to its real estate portfolio with the acquisition of Mode at Melbourne, a substantial 166-unit garden-style multifamily community. This acquisition marks Carter Multifamily's commitment to investing in high-growth areas, particularly in the Florida market known for its dynamic Space Coast economy.
Details of the Acquisition
Acquired for an impressive $37.7 million, Mode at Melbourne comes equipped with spacious one-, two-, and three-bedroom apartments, boasting an average unit size of an impressive 1,707 square feet—significantly larger than many of its competitors in the area. With a strong occupancy rate of 94.6% at the time of acquisition, residents benefit from an average monthly rent of $1,923, showcasing the community's appeal and market viability.
Amenities That Define Luxury Living
This property stands out for its luxury-style amenities that enhance the living experience for residents. Featuring a resort-style pool, a fully-equipped fitness center, a resident clubroom, EV charging stations, and even a dog park, Mode at Melbourne caters to a modern lifestyle. Additionally, select units also offer scenic water views, appealing to prospective tenants seeking a premium living environment.
Understanding the Space Coast Market
The Space Coast is thriving, supported by substantial population and job growth. The area proudly hosts major employers like Northrop Grumman, L3Harris, SpaceX, and Blue Origin, all of which contribute to the burgeoning job market. This region is continually attracting high-profile companies, further driving demand for housing. The recent plans from L3Harris to expand with a new campus aims to add around 200 jobs, offering further promise for the housing sector. This strategic positioning enhances the significance of Mode at Melbourne as an attractive option for future residents.
Enhancements Planned for the Property
In line with its vision of maximizing property value, Carter Multifamily intends to initiate a series of enhancements on-site. These plans include introducing modern interior renovations and upgrading the property’s exterior, alongside operational improvements. In tandem, revitalizing the property's branding will better align it with the quality Carter Multifamily strives to represent.
Ray Hutchinson's Insights
Ray Hutchinson, the CEO of Carter Funds, expressed enthusiasm towards this new venture. He noted, "We're thrilled to broaden our multifamily portfolio within this vibrant submarket along Florida's Space Coast. Mode at Melbourne uniquely benefits from substantial population and job growth in the area, and its larger-than-average floor plans provide a competitive edge that is hard to find elsewhere, presenting an incredible opportunity for value creation."
About Carter Multifamily
Carter Multifamily operates under the larger corporate umbrella of Carter Funds, specializing in acquiring and managing high-quality multifamily properties across the United States. The company prides itself on its strong leadership team, which boasts over 300 years of combined experience in real estate. With a focus on driving growth and income for investors, Carter Multifamily effectively navigates opportunities that arise in the market. As of the latest figures, Carter Funds manages an impressive portfolio exceeding 10,500 apartment homes, with assets valued at around $3.3 billion.
Contact Information
For media inquiries, Stacy Sheedy, Vice President of Marketing at Carter Funds, can be reached at ssheedy@carterfunds.com or by calling 813-358-5982.
Frequently Asked Questions
What is Mode at Melbourne?
Mode at Melbourne is a 166-unit garden-style multifamily community acquired by Carter Multifamily.
What is the acquisition cost of Mode at Melbourne?
The acquisition cost of Mode at Melbourne was $37.7 million.
What amenities does Mode at Melbourne offer?
The property offers luxury amenities including a resort-style pool, fitness center, resident clubroom, EV charging station, and a dog park.
What is the average unit size at Mode at Melbourne?
The average unit size at Mode at Melbourne is 1,707 square feet.
Who manages the property?
Allegiant-Carter Management is responsible for managing the property and its day-to-day operations.
