Via Tuscany Sold for Record $94,643 Per Unit

MELBOURNE, FL-Locally based P.A.C. Land Development Corp. has sold its three-year-old, 280-unit Via Tuscany apartment compex to Thomas Day Properties for $26.5 million or $94,643 per unit, a record for this Central Florida Space Coast multifamily market.

Day bought the wood frame-stucco-clad structure at 300 Tuscany Way with a cap rate of 6.42%. The property is 50 miles southeast of Downtown Orlando.

“The record sales price per unit was achieved due to the property’s generous amenity package, unit features and P.A.C. Land Development’s strong reputation as a developer of class AA assets,” Kevin Judd, vice president, Apartment Realty Advisors, Boca Raton, FL, tells GlobeSt.com. Judd brokered the transaction.