MIAMI—Marisol at Viera, a new 282-unit class A multifamily community in the heart of the burgeoning Viera Planned Unit Development (PUD), just traded hands. At $50.25 million—or $178,000 per unit—the transaction was the largest multifamily sale in Brevard County history, according to Axiometrics.
Cushman & Wakefield senior director Jay Ballard and senior director Ken Delvillar of the firm's Orlando Capital Markets Multifamily Advisory Group represented Atlanta-based seller Pollack Shores Real Estate Group in the disposition. Irvine, CA-based investor PASSCO acquired the multifamily asset. (Find out which multifamily assets will fare best in the days ahead.)
“The Viera market is flourishing and investors and developers have taken notice,” Ballard tells GlobeSt.com. “Viera's market fundamentals are exceptional, and that's borne out in both the leasing velocity at Marisol and the pricing we were able to achieve in this disposition.”
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