PALM BAY, FL – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired The Vinings at Palm Bay, a 320-unit apartment community located in Palm Bay, Florida. The community has been renamed The Braxton and will undergo a $3 million capital improvements and rebranding program.
With this acquisition, American Landmark now owns and operates 22 multifamily communities in Florida and has a national portfolio in excess of 33,000 units.
The Braxton is conveniently located in the booming Space Coast region of Florida, home to thousands of a high-tech aviation and manufacturing jobs and employers such as Harris Corporation, Northrop Grumman, SpaceX, and Space Coast Credit Union. It is 10 minutes from many Atlantic Ocean beaches and Eastern Florida State College – Palm Beach Campus; 30 minutes from Patrick Air Force Base, and under 45 minutes from Titusville and Cape Canaveral.
Earlier this year, the Milken Institute, a nonpartisan economic think tank, named the Space Coast region as one of the top 10 best-performing cities in the U.S., alongside major metros like San Francisco, Seattle and Austin, Texas.
Palm Bay and the surrounding cities of Melbourne, Titusville and Cape Canaveral are enjoying significant job and population growth due to the area s strong high-tech, defense and aerospace sectors, so now is an excellent time to be investing in quality rental housing in this region which will remain an important contributor to the U.S. economy for years to come, said Christine DeFilippis, chief investment officer at American Landmark.
American Landmark plans to upgrade a variety of features throughout the property in a comprehensive value-add program. Unit upgrades include granite countertops, new cabinets, backsplash, stainless steel appliances, nickel-brushed plumbing fixtures, luxury lighting fixtures, USB outlets and electronic locks. For the site, improvements include a grilling table, dog park and renovated fitness center/clubhouse, swimming pool and landscaping.
Built in 1987, The Braxton is located 1000 Palm Place Drive Northeast and consists of one-, two- and three-bedroom apartments ranging in size from 595 square feet to 1,356 square feet. Apartments include open floor plans, fully-equipped kitchens, a private patio or balcony, in-unit washer/dryer and elegant fixtures. Community amenities include two swimming pools, fitness center, tennis court and more.