WEST MELBOURNE, FL-Chicago-based Alliance Holdings LLC has acquired the 300-unit, three-story, 17-building Grand Oaks at the Lake apartments from Columbus, GA-based Flournoy Development Co. for $30 million or $100,000 per unit.

The buyer plans to keep the 96%-leased property at 325 Lago Circle as rental apartments and not convert the asset to condos. The average asking gross rent is $875 per month. The average living area is 1,060 sf.

Flournoy developed the garden apartment community in 2001 in this Space Coast city located in one of the fastest growing markets in Florida. "Flournoy Development had the foresight to recognize that the Melbourne Space Coast area would rank among the fastest-growing in the state of Florida," says Kevin Judd, senior vice president of the Florida office of Apartment Realty Advisors, who negotiated for the seller.

Marc deBaptiste, a principal in the Boca Raton-based brokerage, co-brokered the transaction. Flournoy represented itself. "Once considered a tertiary market for investment, Melbourne is blossoming into an attractive real estate market," deBaptiste says. "Strong job growth and highly educated wage earners are driving this market's growth."

The deal was done at this time "to take advantage of low cap rates and conversion interest," Judd tells GlobeSt.com. The property was on the market for only six weeks with a dozen potential buyers interest in the property. The deal took 70 days to complete, from contract signing to closing.