“The Haven at West Melbourne is an exceptional asset poised for long term rent growth in an explosive market that will deliver long-term value to our growing portfolio,” Gillis says. “We plan to refresh some of the property's existing amenities that will help to continue to attract residents over the long-term. This includes a complete transformation of the pool area into a resort-style environment equipped with an outdoor kitchen and cabanas.”

Plans also call to remodel of the clubhouse, fitness center upgrades and new landscaping. The apartment community currently features a resort inspired pool and sundeck, business center, sand volleyball court, children's play park and yoga center, among many other amenities.

“The Space Coast is one of the fastest growing regions across the Southeast and we continue to find deep value here,” says Gillis. “The region is experiencing rapid job and population growth – both of which are indicators of the future economic growth of the region and key demand drivers we look for with any new acquisition.”

The Haven is located close to Interstate 95, which is the primary thoroughfare that connects West Melbourne to its surrounding submarkets including Orlando, which is home to large employers such as Walt Disney World, Florida Hospital, and Comcast. According to Passco's research, the region's population is anticipated to grow another six percent over the next five years.

“This strong population growth is driven largely by the tremendous amount of new businesses flocking to the Space Coast,” says Gillis. “The Space Coast is home to America's space and aeronautical industries and is quickly becoming the top destination for STEM (Science, Technology, Engineering and Math) jobs in all of Florida. For example, top employers such as Harris Corporation, Northrop Grumman, and Lockheed Martin are all located within seven miles of the property.”

The Haven is a best-in-class asset that has continued to achieve high occupancy and rental rates, despite its lack of key upgrades, according to Gillis who notes that the property is currently 95% occupied. Passco will also be going “Green” by installing conservation friendly toilets and shower heads.

“The property will not only benefit the local Melbourne economy, but also from the demand drivers of its surrounding submarkets,” explains Gillis. “This rapid expansion and ongoing growth will also result in increased property values, and strong rent growth over the next several years. In fact, YTD rent growth in the Space Coast is the highest in all of Florida at nearly 10%, which is more than double the national average.”

MIAMI— The Haven at West Melbourne, a 336-unit multifamily community in West Melbourne, FL, has traded hands. The sale price: $53.3 million.

Passco Companies acquired the apartment complex. This is the firm's second acquisition in the Space Coast within the last six months, according to Colin Gillis, vice president of Acquisitions for the Southeast at Passco.

“Florida has been a big target market for much of our acquisition activity this year,” Gillis tells GlobeSt.com. “We've acquired close to $200 million in the area over the last five months, which places us on track to reach our goal of $1 billion in multifamily acquisitions by the end of the year.”

The Haven is located at 4550 Explorer Drive. Jay Ballard and Ken Delvillar of Cushman & Wakefield's Orlando Capital Markets Multifamily Advisory Group represented the seller, Flournoy Companies. Chris Black of KeyBank Real Estate Capital's Commercial Mortgage Group arranged acquisition financing for Passco through Fannie Mae.

“The Haven at West Melbourne is an exceptional asset poised for long term rent growth in an explosive market that will deliver long-term value to our growing portfolio,” Gillis says. “We plan to refresh some of the property's existing amenities that will help to continue to attract residents over the long-term. This includes a complete transformation of the pool area into a resort-style environment equipped with an outdoor kitchen and cabanas.”

Plans also call to remodel of the clubhouse, fitness center upgrades and new landscaping. The apartment community currently features a resort inspired pool and sundeck, business center, sand volleyball court, children's play park and yoga center, among many other amenities.

“The Space Coast is one of the fastest growing regions across the Southeast and we continue to find deep value here,” says Gillis. “The region is experiencing rapid job and population growth – both of which are indicators of the future economic growth of the region and key demand drivers we look for with any new acquisition.”

The Haven is located close to Interstate 95, which is the primary thoroughfare that connects West Melbourne to its surrounding submarkets including Orlando, which is home to large employers such as Walt Disney World, Florida Hospital, and Comcast. According to Passco's research, the region's population is anticipated to grow another six percent over the next five years.

“This strong population growth is driven largely by the tremendous amount of new businesses flocking to the Space Coast,” says Gillis. “The Space Coast is home to America's space and aeronautical industries and is quickly becoming the top destination for STEM (Science, Technology, Engineering and Math) jobs in all of Florida. For example, top employers such as Harris Corporation, Northrop Grumman, and Lockheed Martin are all located within seven miles of the property.”

The Haven is a best-in-class asset that has continued to achieve high occupancy and rental rates, despite its lack of key upgrades, according to Gillis who notes that the property is currently 95% occupied. Passco will also be going “Green” by installing conservation friendly toilets and shower heads.

“The property will not only benefit the local Melbourne economy, but also from the demand drivers of its surrounding submarkets,” explains Gillis. “This rapid expansion and ongoing growth will also result in increased property values, and strong rent growth over the next several years. In fact, YTD rent growth in the Space Coast is the highest in all of Florida at nearly 10%, which is more than double the national average.”