Berkadia Arranges Sale of Apartment Community on Florida’s Space Coast
Carter Multifamily Acquired the 166-Unit Palm Bay Grand in Melbourne
Melbourne, Florida – March 6, 2025 – Berkadia, a leader in the commercial real estate industry, announced today the sale of Palm Bay Grand, a 166-unit garden-style multifamily community in Melbourne, Florida. Managing Director David Etchison, Senior Managing Director Cole Whitaker, Director Mary Beale, and Director of Operations Lauren Gassie of Berkadia North & Central Florida led the transaction on behalf of the seller, Alabama-based TrimCor. Carter Multifamily acquired the asset, renaming it “Mode at Melbourne.”
The deal closed on February 20 and the property was 95% occupied at the time of sale.
“The new owners saw an opportunity to acquire a newer asset in a fast-growing coastal Florida market where they could add value through interior upgrades and operational expertise,” explained Whitaker. “Melbourne is just a short drive from Port Canaveral, one of the busiest cruise ports in the world, along with many space/aerospace industry employers, making it a desirable community for both tourism and tech industry workers.”
Located at 145 Cinnamon Cove Drive, the property was built in 2020 and consists of one-, two- and three-bedroom apartment homes averaging 1,707 square feet – the largest floor plans available in this market. Individual units feature granite countertops and stainless-steel appliances, full-size washer/dryer connections, vaulted ceilings on the third floor, private offices in two- and three-bedroom layouts, oversized walk-in closets, and balconies/patios with storage.
Property amenities include a pool, fitness center, EV charging stations, a dog park ,and a resident clubroom. Select units offer lakefront views. Mode at Melbourne is located just 45 minutes south of Port Canaveral and one hour from Orlando International Airport in the Palm Bay-Melbourne-Titusville MSA, where major employers include SpaceX, Blue Origin, United Launch Alliance, The Boeing Company and L3Harris.
Melbourne property rebrands following #30M sale | Orlando Business Journal