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Cushman & Wakefield Negotiates $53.3M Multifamily Sale in Brevard County

The Haven
The Haven

Jay Ballard and Ken Delvillar Represented Flournoy Companies in its $53.3M Disposition of The Havens in West Melbourne

WEST MELBOURNE, FL, May 23, 2017Cushman & Wakefield announced today that it has negotiated the sale of The Haven, a 336-unit Class A multifamily community in Brevard County.

Senior Director Jay Ballard and Senior Director Ken Delvillar of Cushman & Wakefield’s Orlando Capital Markets Multifamily Advisory Group represented Columbus, GA-based seller Flournoy Companies in the disposition. Irvine, CA-based investor Passco Companies, LLC acquired the asset for $53.25 million ($158,482 per unit).

The Haven was developed in 2010 on a ±23.0-acre site at 4550 Explorer Drive. The community comprises a mix of one-, two- and three-bedroom apartments. The average unit is 1,115 square feet. At the time of sale, the average rent at The Haven was $1,217, and the property was 95 percent leased.

Units at The Haven feature full-sized washers dryers, breakfast bars, walk-in closets, ceramic tile flooring in kitchens and foyers, granite countertops, ceiling fans and extra storage. Select units have 9-foot vaulted ceilings, hardwood style flooring, private balconies or sunrooms, custom accent walls, beautiful lake views and/or attached garages with remotes.

The Haven’s community amenities include a resort-inspired pool and sundeck, outdoor spa, outdoor gourmet kitchen, clubhouse, fitness center with free weights, WiFi cafe with flat panel HD television, business center, courtyard, children’s play park, sand volleyball court and car care center.

The Haven is located near Interstate 95 and U.S. Highway 1, providing exceptional access to the Space Coast, Orlando and beyond. The property is surrounded by a tremendous selection of national retailers as well as high-tech employers like Harris Corporation, Northrop Grumman and Lockheed Martin.

“We continue to see tremendous growth in the Space Coast multifamily market,” said Ballard. “This upturn has been fueled by the renewal of the region’s defense and simulation businesses and a surge of highly skilled and compensated employment opportunities in these industries.”

This was the third major Brevard County transaction for the team of Ballard and Delvillar in recent months. In addition to this sale, the team negotiated the $50.25 million disposition of Marisol at Viera in December and the $42 million sale of Highlands Viera West in February.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.comwww.cushmanwakefield.com or follow @CushWake on Twitter.

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The Haven Photo
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