PALM BAY, FL-Smaller Central Florida submarkets are seeing multifamily investment action in the fourth quarter. The latest example is The Pines Apartments, a 216-unit garden-style apartment community in the coastal town of Palm Bay.
ARA’s Orlando-based sales team, led by principal Kevin Judd and vice presidents Patrick Dufour and Matt Wilcox, represented the undisclosed seller. Cincinnati, OH-based Green Realty Corp. purchased the property for $3.18 million in an all cash deal.
“This property been owned for over 10 years by a large REIT,” Judd tells GlobeSt.com. “They are slowly consolidating older assets and acquiring newer ones in markets ‘core’ markets across the US.”
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