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.”

Palm Bay is next to Melbourne and due east of Orlando, midway between Jacksonville and Miami. The city is close to Melbourne and Orlando International Airports and Port Canaveral.

One investor’s move to core markets opened the door to another investor’s pursuit of well located properties with significant upside potential. Judd calls The Pines a class B or class C property. Built in 1986, the asset is 92% occupied.

“Palm Bay has been active but the affordable nature of The Pines makes it a rare deal,” Judd says. Indeed, LoopNet.com lists 53 off-market Palm Bay apartment building listings. The cap rates range from 5% to 11%.

“The Pines has catered to local long-term residents for years,” Judd says. “It has great access to local employment such as Harris Corp., which is located just east of the property.”