Northland has sold Caribbean Isle Apartments, a 327-unit community in Melbourne, Fla., to Journey Capital. The buyer paid $71 million for the Class A property, financing the purchase with a five-year, $32.8 million Fannie Mae loan originated by Manufacturers and Traders Trust Co., according to Yardi Matrix data. Two IPA teams brokered the transaction and arranged the acquisition financing.
Completed in 1990, the community encompasses 25 two-story buildings spread across 25.6 acres. Units consist of one- and two-bedroom floorplans and range between 572 and 1,010 square feet.
Common-area amenities include a fitness center, a clubhouse, two swimming pools, a spa, along with tennis and volleyball courts. The community also features laundry facilities and more than 900 parking spaces.
Located at 2848 Caribbean Isle Blvd., the property is near Lake Washington Shoppes and Lake Washington Square, which include multiple dining and retail options. Mallards Landing Golf Course is within walking distance, while Melbourne Orlando International Airport is some 6 miles southeast.
IPA Executive Managing Director Shelton Granade, Senior Managing Director Luke Wickham and First Vice President Justin Basquill arranged the transaction. In September, the same team represented the seller in the disposition of a 288-unit community in Orlando, Fla.
IPA Capital Markets’ Executive Managing Director Brian Eisendrath, Senior Managing Director Cameron Chalfant and Managing Director Jake Vitta secured the financing. The three were also instrumental in arranging the acquisition loan for a 444-unit community in Farmers Branch, Texas.
