JV Gets $53M for Multifamily in Top Florida Job Market

Joint venture, LP equity, has been granted a $52.7 million construction loan for the development of a Palm Beach multifamily project in a region that’s attracted workforce.

The JV is between Stellar Communities and Adam America Real Estate, according to JLL, which arranged the loan. The project, Havens at Palm Bay, will consist of 266 built-to-rent units. The single-story casita-style units will be available in one, two, or three bedrooms. Plus, Havens at Palm Bay will come with amenities such as a pool, dog park, self-storage, detached parking, clubhouse, and tot lot.

Once the development is completed, which is projected for 2026, it will be located across the street from a shopping center, which is under construction currently, that headlines a Publix store. Also, various retail, education, and employment brands are within minutes of the project.

The property is located in The Space Coast, which is a ”top market for high-paying STEM jobs,” according to JLL. And since 2010, the science and aerospace region has seen a 20 percent rise in population.

“Havens at Palm Bay will offer a unique living experience in one of the fastest-growing, innovation-driven markets in the country,” said Larry Baum, founder & managing partner of Stellar Communities.

“With its cottage-style design and premium amenities, this community will provide a lifestyle that caters to the needs of the region’s growing workforce. We’re proud to contribute to the area’s development and look forward to delivering a top-tier product that will resonate with future residents.”

While the multifamily asset class has seen some turbulence, Florida is starting to see some significant activity. In the year ending the second quarter, 673 percent more apartment units were absorbed compared with the same period in 2023, according to a RealPage analysis.