The multifamily community, which is still in lease-up, was 68% occupied at the time of sale and leasing an average of 12 units per week. The average unit size is 973 square feet. The population within one mile of Marisol at Viera is forecasted to grow 25% by 2020.

The multifamily community features two poolside bars and outdoor kitchens with cedar trellises and arbors, a paver courtyard; a central pedestrian boulevard; fire pits; a private club room and amenities deck. The multifamily community is also home to a clubhouse with a kitchen and bar; a business center and conference room; a clubroom and lounge with television gallery; an athletic club with free weights, yoga area, cardio machines and televisions; and an expansive 6,500-square-foot dog park with outdoor grooming station and package lockers.

What's in store for the lending market in 2017? Get one expert's opinion.

Several economic factors have resulted in net positives for the multifamily sector and prices in core markets are at an all-time high. But just how long can the market continue on this trajectory? Join us at RealShare Apartments East on Feb. 28 and March 1 for insights on succeeding in the right markets as well as navigating and finding opportunities in the more challenging ones. Learn more.

MIAMI—Marisol at Viera, a new 282-unit class A multifamily community in the heart of the burgeoning Viera Planned Unit Development (PUD), just traded hands. At $50.25 million—or $178,000 per unit—the transaction was the largest multifamily sale in Brevard County history, according to Axiometrics.

Cushman & Wakefield senior director Jay Ballard and senior director Ken Delvillar of the firm's Orlando Capital Markets Multifamily Advisory Group represented Atlanta-based seller Pollack Shores Real Estate Group in the disposition. Irvine, CA-based investor PASSCO acquired the multifamily asset. (Find out which multifamily assets will fare best in the days ahead.)

“The Viera market is flourishing and investors and developers have taken notice,” Ballard tells GlobeSt.com. “Viera's market fundamentals are exceptional, and that's borne out in both the leasing velocity at Marisol and the pricing we were able to achieve in this disposition.”

Developed in 2016, Marisol at Viera sits on a 13.3-acre site at 2439 Casona Lane immediately west of Interstate 95 in the 22,000-acre Viera PUD. The property is within walking distance of The Avenue Viera, a 593,000-square-foot luxury big-box retail center.

The multifamily community, which is still in lease-up, was 68% occupied at the time of sale and leasing an average of 12 units per week. The average unit size is 973 square feet. The population within one mile of Marisol at Viera is forecasted to grow 25% by 2020.

The multifamily community features two poolside bars and outdoor kitchens with cedar trellises and arbors, a paver courtyard; a central pedestrian boulevard; fire pits; a private club room and amenities deck. The multifamily community is also home to a clubhouse with a kitchen and bar; a business center and conference room; a clubroom and lounge with television gallery; an athletic club with free weights, yoga area, cardio machines and televisions; and an expansive 6,500-square-foot dog park with outdoor grooming station and package lockers.

What's in store for the lending market in 2017? Get one expert's opinion.

Several economic factors have resulted in net positives for the multifamily sector and prices in core markets are at an all-time high. But just how long can the market continue on this trajectory? Join us at RealShare Apartments East on Feb. 28 and March 1 for insights on succeeding in the right markets as well as navigating and finding opportunities in the more challenging ones. Learn more.