Atlanta-based investor JMG Realty Group has acquired a multifamily property in Brevard County for $42 million or $175,000 per unit. The 240 unit asset, Highlands Viera West, was built in 2007 on a 14.8 acres site at 2185 Judge Fran Jamieson Way in Melbourne. The community comprises a mix of one, two and three bedroom apartments including loft and town home units. At the time of the sale the community was 95 percent leased with an average rent of $1,393. Cushman & Wakefield’s Jay Ballard and Ken Delvillar represented Atlanta-based Branch Properties, in the sale.
“Highlands Viera West offered investors the opportunity to acquire an institutional-quality, luxury asset with a unique array of amenities in one of Florida’s hottest multifamily markets,” said Ballard. “The robust Space Coast economy, which has rebounded since the shuttle program was shuttered, boasts the largest share of STEM-related jobs in the state and continues to drive investment in the region.”
