Cocoa Apartment Complex Sells for $64.3 Million
Sale Details
The Cocoa Grand apartment complex, situated at 305 Laredo Drive off State Road 520 and east of Interstate 95, has been sold for an impressive sum of $64.3 million. This sale signifies a noteworthy transaction in Florida’s real estate market.
Improvements
The new owners have ambitious plans for the property. They intend to invest $1.3 million in various improvements, which include enhancements to landscaping and other amenities. These investments aim to elevate the living experience for residents and increase the property’s overall value.
Parties Involved
The transaction included notable real estate entities. The Alabama-based TrimCor sold the property to New York-based real estate investment firm Sinatra & Co. This was done in a joint venture with Stolar Capital. The sale process was managed by Berkadia, which also secured $46.9 million in financing from Citibank for the buyers.
Property Features
Built in 2022, the Cocoa Grand apartment complex offers 268 units with one, two, and three-bedroom layouts. These units are notably larger than others in the area, with an average size of approximately 1,630 square feet, making them about 50% larger than comparable apartments.
Market Context
Brevard County has experienced a significant population surge, growing by 15% from 547,119 in 2012 to 630,693 in 2022. This population boom has fueled a substantial increase in multifamily housing projects. Over the past five years, the county has seen the addition of 8,455 apartments, reflecting nearly a 30% increase in supply. In 2023 alone, 1,603 units were added with an additional 1,925 units currently in development.
Future Plans
Sinatra & Co. plans to expand its presence in Central Florida, aiming to capitalize on the region’s growing demand for multifamily housing. Stolar Capital also has intentions to invest more preferred equity within the area, signifying confidence in the market’s long-term potential.
Quotes
Cole Whitaker, Senior Managing Director for Berkadia Orlando, commented on the sale, emphasizing the attractive features of the Cocoa Grand apartment complex, including its resort-style amenities and generously sized floor plans.
Joe Carroll, Principal of Stolar Capital, highlighted their interest in further investments in the region, indicating a strong belief in the local real estate market’s future growth and opportunities.
Overall, the sale of the Cocoa Grand apartment complex is a testament to the robustness of Brevard County’s real estate market and the potential for further development in the region.
