#United States #Space Coast #Melbourne, Florida #Carter Multifamily #Mode at Melbourne

Carter Multifamily Expands with the Acquisition of Mode at Melbourne

Carter Multifamily has made a strategic move by acquiring Mode at Melbourne, a 166-unit garden-style multifamily community located in the burgeoning area of Melbourne, Florida. This acquisition, costing $37.7 million, is a noteworthy addition to Carter Multifamily's value-added portfolio, enhancing its presence in Florida's rapidly growing Space Coast market.

A Closer Look at the Property

Mode at Melbourne is strategically located southeast of Orlando and reflects the area's real estate growth driven by strong population and job expansion. The community features spacious apartments with one, two, and three-bedroom options, with an average unit size of 1,707 square feet—significantly larger than the market average. Built in 2020, the property includes roughly 218,592 rentable square feet and boasted a healthy occupancy rate of 94.6% at the time of the acquisition, with the average monthly rent set at $1,923.

The amenities at Mode at Melbourne are designed for modern luxury living, offering residents access to a resort-style pool, fitness center, clubroom, EV charging station, and even a dog park. Select apartments also feature water views, adding to the appeal of this community. The property, previously known as The Palm Bay Grand, will undergo rebranding to enhance its marketplace positioning.

Growth Potential in Space Coast

The Space Coast is experiencing rapid market growth, fueled by major employers like Northrop Grumman, L3Harris, SpaceX, and Blue Origin. With the ongoing developments in tech sector jobs—exemplified by L3Harris's plan to expand its workforce by 200 jobs—the demand for housing is set to surge. This landscape positions Mode at Melbourne as a prime opportunity for sustained appreciation and value growth.

As part of its expansion strategy, Carter Multifamily plans to implement a value-add approach to enhance the property's overall value. This comprehensive strategy will involve various upgrades, including interior renovations, exterior enhancements, and improved operational efficiencies, all while revitalizing the brand.

Ray Hutchinson, CEO of Carter Funds, expressed enthusiasm about the acquisition: “We're excited to expand our multifamily portfolio into this dynamic, high-growth submarket along Florida's Space Coast. Mode at Melbourne is well-positioned to capitalize on the region's sustained population and job growth. With larger-than-average apartments, the property holds a unique competitive advantage and presents an excellent opportunity for value creation.”

About Carter Multifamily

Carter Multifamily is a leading company under the Carter Funds umbrella, focusing on acquiring and managing high-quality, garden-style multifamily properties across the United States. The firm emphasizes value-add enhancement opportunities, aiming to deliver growth and income for investors. With over 300 years of combined experience in real estate, the Carter Multifamily leadership team is well-equipped to steer the company toward continued success. As of February 2025, Carter Funds boasts a portfolio that includes more than 10,500 apartment homes with assets under management valued at approximately $3.3 billion.

For further information on this acquisition and ongoing projects, interested parties may reach out to Stacy Sheedy, Vice President of Marketing at Carter Funds.

Carter Multifamily's focus remains on tapping into high-growth markets, ensuring they remain at the forefront of the real estate sector in the U.S., and their latest acquisition is a testament to this vision.