Topaz Capital Group and Apple Core Holdings have bought Paradise Cay, a Class B multifamily asset in Melbourne, Fla., from a private individual. This is Topaz’s 10th Florida acquisition, according to the company.
Arbor Realty Trust provided financing through its Bridge Balance Sheet Program, which will also cover the rebranding and renovation of the community. The loan is structured with a three-year term, flexible payment options and a floating rate interest-only full term.
The 197-unit property will be rebranded as The Park at Topaz Cay. The garden-style community was built in 1985 and offers one-, two- and three-bedroom units, with floorplans between 835 and 1,365 square feet. The 16-building property is located on a 14.1-acre lot. Common-area amenities includes a fitness and spa center, clubhouse, basketball and tennis court, two swimming pools, two laundry facilities, car wash area and 376 parking spots, according to Yardi Matrix data.
Located at 1900 Post Road, the property is situated in the Space Coast area, across the Indian River from multiple beaches and 2.6 miles from Wickham Park. Melbourne Orlando International Airport is 7.7 miles away.
Topaz Capital Group’s overall multifamily portfolio surpassed $375 million with this most recent acquisition, according to the company, which also aims to expand its portfolio to over half a billion dollars by the second quarter of 2023. The firm’s portfolio is spread across the map, but mainly focused on Florida, with 2,500-plus units in the state. One of Topaz’s recent transactions was for another Orlando-area community, acquired for $42.2 million.