Multifamily owner-operator American Landmark Apartments, based in Tampa, Fla., continues to grow its Florida portfolio with the acquisition of The Vinings at Palm Bay, a 320-unit community in Palm Bay.
The community, which is located in Florida’s booming Space Coast region, has been renamed The Braxton and will undergo $3 million in capital improvements as well as a rebranding program.
The deal was brokered by Institutional Property Advisors team members Shelton Granade, Luke Wickham, and Justin Basquill.
A comprehensive value-add program has been planned for the community, which was originally built in 1987. The Braxton is comprised of one-, two-, and three-bedroom units between 595 and 1,356 square feet with open floor plans, in-unit washers and dryers, and private patios or balconies. Unit upgrades will include new cabinets, backsplashes, stainless steel appliances, nickel-brushed plumbing fixtures, luxury lighting fixtures, USB outlets, and electronic locks. Community amenity upgrades will include a grilling table and a dog park, as well as renovations to the fitness center and clubhouse, the swimming pool, and landscaping.
“Palm Bay and the surrounding cities of Melbourne, Titusville, and Cape Canaveral are enjoying significant job and population growth due to the area’s strong high-tech, defense, and aerospace sectors, so now is an excellent time to be investing in quality rental housing in this region, which will remain an important contributor to the U.S. economy for years to come,” said American Landmark chief investment officer Christine DeFilippis.
American Landmark now owns and operates 22 multifamily communities in Florida with this acquisition, and its national portfolio now stands in excess of 33,000 units.
