Newmark announces it has arranged the sale of The Oasis at West Melbourne, a newly built 316-unit multifamily property located at 220 Belgian Drive. Newmark’s Senior Managing Director Scott Ramey, Vice Chairman Patrick Dufourand Associate Brad Downing represented the seller, a Joint Partnership between Picerne Real Estate Group and Equity Resources, LLC, in the transaction to GMF Capital LLC.
“The sale of Oasis at West Melbourne is a prime example of the strength of the Space Coast market as well as the growing demand from buyers looking for quality assets in strong secondary markets. The Oasis at West Melbourne experienced a phenomenal lease-up, averaging 35 leases per month throughout COVID-19, and reached stabilization in less than nine months from delivering the first units, said Ramey.“While GMF has been active across Florida, this is its first acquisition into the Space Coast submarket. The firm was drawn to the opportunity by the speed of the lease-up as well as the high-quality finish level of the property and the phenomenal job growth that is taking place in the Melbourne MSA.”
The firm’s Florida Multifamily Capital Markets Debt & Structured Finance team ofExecutive Managing Director Matthew Williams, Vice President Fernando Riboli, Assistant Vice President James Maynard, and Associate Director Kyle Schlitt secured a floating-rate loan from Brookfield on behalf of GMF.
“We were pleased to work with GMF Capital to secure the financing for Oasis at West Melbourne,”added Williams. “As the property continued its strong lease-up performance into stabilization, the sponsor was able to take advantage of the competitive debt markets and lock in an aggressive interest ratewith flexible terms.”
The Oasis at West Melbourne is a low-density, three-story luxury garden community located in West Melbourne, FL. The property has a healthy mix of modern floor plans featuring one-, two- and three-bedroom units with lavish interiors and true smart home technology. The Property also features a zero-entry saltwater pool, an outdoor summer kitchen, a 24/7 ultra-modern fitness center, game room, business center, and outdoor enclosed lanai gathering area.
According to Newmark Research,activity in multifamily sales picked up substantially in the second half of 2020,with volume totaling $138.7 billion this past year. Sales volume was particularly strong in the fourth quarter, with $56.7 billion in transactions led by $24.9 billion in December alone.
About Picerne Real Estate Group
Picerne Real Estate Group is one of the largest diversified real estate management and development firms in the country.Picerne Real Estate Group has been building and managing luxury properties on a continuing basis since 1925. We maintain a share in the equity, so pride of ownership is very important to us. We live in the area, so we care about the kind of communities we are building. We evaluate and enhance each development as if it was our own private home. That is why you will find around the clock service and beautifully kept grounds. Our dedicated, professional staff continually strives to provide a well-designed, well-managed luxury apartment community through hard work, commitment and ongoing, advanced training.
About Equity Resources, LLC
Equity Resources, LLC is a private real estate investment company specializing in the multifamily industry. We are an acknowledged leader in private real estate investment, creating exceptional value through the acquisition, development, and asset management of Class A multifamily properties in the Central and Southern regions of the United States. We are a highly active equity funding source with a large appetite for expansion.For inquiries please contact Linda S. Geiss at 205-969-1131 or lgeiss@equityresources.net.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion.To learn more, visit nmrk.com or follow @newmark.
