Institutional Property Advisors Brokers the Sale of Waverly Place in Brevard County
MELBOURNE, Fla., Nov. 18, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Waverly Place, a two-story, 208-unit multifamily property in Melbourne, Florida.
“Melbourne and Brevard County are continuing to expand with new developments, further driving year-over-year job growth and higher occupancy rates,” said Shelton Granade, IPA executive managing director. “We’ve sold several multifamily properties in this part of Central Florida this year to extremely well-qualified buyers.” Granade and IPA’s Luke Wickham, Justin Basquill, and Sean Williams represented the seller, BG Capital and procured the buyer, American Landmark.
Located at 2334 Woodwind Trail, Waverly Place was 95.1% occupied at the time of sale. The property is on a 14-acre lot with 166,360 rentable square feet with one-, two- and three-bedroom floor plans ranging in size from 700 square feet to 1,025 square feet. Amenities include a resort-style swimming pool, lush landscaping, a lounge with summer kitchen area, fitness center, Peloton bike room, business center, on-site maintenance, picnic areas with barbecue grilling stations, a clubhouse with billiards room, a 24-hour laundry center and a pet park with a dedicated washing station.
“Waverly Place is performing well and provides new ownership with solid value-add upside,” said Wickham. “It should be a sound investment for the buyer.”
The property is well-positioned in the heart of Brevard County, a leading hub for the high-tech job market, with employers that include L3Harris Technologies, NASA, Space-X, Blue Origin, GE, and many other job creators. The area is undergoing significant expansion with a new 200,000-plus square-foot distribution center, an $18 million Florida Tech Health Sciences building enlargement, and the $40 million Lockheed Martin expansion at the newly opened Fleet Ballistic Missile Headquarters, which will create 350 new high-wage jobs.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com