California-based investor PASSCO has made the largest multifamily purchase in Brevard County history by acquiring the newly built Marisol at Viera apartments. The firm paid $50.25 million ($178,000 per unit) for the 282 unit property in Melbourne, FL. The asset was 68 percent occupied at the time of sale with leasing progressing at an average of 12 units per week. The community features two poolside bars and outdoor kitchens with cedar trellises and arbors, a business center and conference room. Senior Directors Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando Capital Markets Multifamily Advisory Group represented Atlanta-based seller Pollack Shores Real Estate Group in the disposition.
“The Viera market is flourishing and investors and developers have taken notice,” said Ballard. “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.”
