California-based real estate investor, Passco Cos., has closed on the purchase of Marisol at Viera, a 208 unit Class A luxury community in Melbourne, for $50.25 million. The property is located at 2439 Casabona Lane, in the 22,000 acre master planned community of Viera. The community comprises eight buildings and offers a mix of one-, two- and three-bedroom units. KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco through a Fannie Mae program. Cushman & Wakefield’s Ken Delvillar and Jay Ballard represented both the buyer and the seller, Atlanta-based Pollack Shores. The purchase marks the third acquisition by Passco Cos. in Florida this year.
“The influx of well-paying jobs has given a tremendous boost to the already strong rental market and has created a very impressive demographic profile at the property, with average resident incomes exceeding $100,000,” said Colin Gillis, vice president of Southeast Acquisitions at Passco Companies. “Home values and schools in Viera are also exceptional, which will assist in maintaining long-term value. Additionally, Viera is the county seat of Brevard County, which provides a very stable local government employment base.”
