Baltimore-based real estate investment and management company, Continental Realty Corporation, has picked up the Polo Glen Apartments in the Orlando sub-market of Rockledge, Florida. The garden style, 252-apartment community was purchased for $38 million, or just under $150,795 per unit. The community is located near the areas of Viera, Melbourne and Cocoa Beach in Brevard County and was acquired from Pollack Shores. The apartments were acquired on behalf of Continental Realty Fund IV, a $164 million fund which is focused on buying multifamily properties in the Mid-Atlantic and Southeast regions.
Rockledge is located in The Space Coast which ranks second in Florida for project capital investment and currently contains more than 15,000 businesses. Notable employers in the area include Harris Corporation, Northrup Grumman, the Kennedy Space Center, Patrick Air Force Base and SpaceX. “Polo Glen Apartments offers compelling advantages led by a strategic location along the Space Coast section of Florida, and outstanding physical attributes including numerous high-end apartment features, stated J.M. Schapiro, Chief Executive Officer of Continental Realty Corporation. Thousands of jobs are being created in the Space Coast by companies like Northrop Grumman, Harris Corporation, SpaceX, and Blue Origin.
