$60M sale of recently-renovated Highlands Viera West apartments closed
JLL Capital Markets closed the sale of the multi-housing property in Melbourne, near Florida’s Space Coast
ORLANDO, April 6, 2021 – JLL Capital Markets announced today that it has closed the $60 million sale of Highlands Viera West, a multi-housing property in Melbourne, Florida, just southeast of Orlando.
JLL represented the seller, JMG Realty Inc., in completing the sale to the buyer, an affiliate of The ConAm Group, which owns and operates more than 4,000 apartment units throughout Florida.
Highlands Viera West with 240 units, is a two- and three-story, elevator-served suburban garden apartment community, featuring one-, two- and three-bedroom units with high-end finishes and best-in-class amenities, including a fitness center, deluxe clubroom and lounge and resort-style pool with a gazebo area. The property, constructed in 2008, was built to “condo quality”, with units averaging 1,250 square feet. JMG, added “hard surface” counters and LVT flooring on the interiors and expanded the fitness center in the clubhouse. The property is located immediately adjacent to The Avenues (500,000 SF power center), and has frontage directly along I-95.
Located at 2185 Judge Fran Jamieson Way, the apartments are positioned near Florida’s renowned Space Coast, the state’s largest and fastest-growing high-tech clusters; Cape Canaveral, touted as a key aerospace hub; and West Melbourne, known as a major defense technology hub. The Space Coast MSA continues to attract national talent, being a key economic driver, as its major employment hubs continue to boom. In addition, Highlands Viera West is proximate to various golf destinations, including Duran Golf Club and Suntree Golf Club, and many dining, retail and entertainment options nearby.
The JLL Capital Markets team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About JMG Realty Inc.
Headquartered in Atlanta, GA for more than three decades, JMG Realty, Inc. has operated as a fully-disciplined real estate company, concentrating in the redevelopment, financial services, and management of multi-family real estate properties for both private and institutional owners. The firm currently manages over 27,000 units in both existing and new development properties across the United States. Defined by Integrity, Trust and Ethics, JMG Realty continues to influence the multi-family industry by delivering on the experience of team members and a record of award-winning performance. For more information visit www.jmgrealty.com.
About ConAm Management Corporation
Founded in 1975, The ConAm Group is a full-service real estate management and investment firm specializing in multifamily housing. Based in San Diego, California, the firm oversees a nationwide portfolio of approximately 50,000 fee-managed and company-owned apartments. ConAm is also active in the development, acquisition and rehabilitation of apartment communities in addition to providing property and asset management services to individuals and institutional clients.