Orlando / Melbourne / Palm Bay, Fla. — Berkadia Real Estate Advisors recently brokered the sales of two Brevard County apartment communities comprised of 250 units – Park Village in Melbourne and Malabar Lakes in Palm Bay – for a total of $18,000,000.
Cole Whitaker, Managing Director for Berkadia, negotiated the sales along with Senior Directors Hal Warren and Jason Stanton, representing Deancurt Melbourne LLC, the seller of both properties.
Buyer White Eagle Property Group LLC purchased Park Village, which consists of 138 one- and two-bedroom units, for $10,055,000, an average price per unit of $72,862. Park Village, located at 3099 Park Village Way in Melbourne was built in 1986.
White Eagle paid $7,945,000, or an average of $70,938 per unit, for Malabar Lakes apartments at 1018 Malabar Lakes Drive in Palm Bay. The 112 one- and two-bedroom apartments were built in 1988.
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.
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