VIERA, FL -Preferred Apartment Communities announced that it acquired Artistry at Viera, a newly constructed 259-unit Class A multifamily community in Melbourne, Florida. Built in 2018, Artistry at Viera, is located in the Viera submarket of Melbourne, Florida, a 22,000-acre master planned community located in the central coastal region of Brevard County.
Jeff Sherman, the Company's Executive Vice President and Managing Director of Multifamily stated: "Coastal Florida markets continue to demonstrate sound investment fundamentals and Melbourne is no different. Artistry at Viera is exceptionally well located, surrounded by affluent demographics, and is proximate to top rated schools, parks, shops and restaurants.”
This acquisition increases the Company's multifamily portfolio to 33 multifamily communities across ten states. The Company financed the acquisition utilizing a non-recourse first mortgage loan from MetLife Investment Management on behalf of a client. The first mortgage loan is for a ten-year term and amortizes over a 30-year period. There are no loan guaranties provided by PAC or our operating partnership.
“The property features high quality interior finishes and a best in class amenity package." Mr. Sherman added, "We are also excited to continue our relationship with premier multifamily developer, Davis Development."