Argentic Lends $30M on Florida Garden Apartment Building Buy

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Cove Investment Group has landed $29.7 million of acquisition financing to purchase a multifamily asset in central Florida, Commercial Observer has learned. 

Argentic Real Estate Finance provided the loan for Cove’s The Park at Via Velino in Melbourne, Fla., which it acquired for $33.5 million from Blueroc Premier, sources told CO. 

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The debt package was arranged by Newmark‘s Daniel FrommDustin StollyJordan RoeschlaubDaniel MatzKyle Schlitt and Jason Kennedy. The Newmark multifamily investment sales group of Ryan MoodyScott RameyBrad Downing and Paul Grant represented Blueroc in the transaction.

Located at 3151 South Babcock Street, 72 miles east of Orlando, the 1974-built garden-style apartment community comprises 212 one-, two- and three-bedroom units. Its amenities include two swimming pools

The purchase of The Park at Via Vellino fits with multifamily investor Cove’s recent strategy of targeting underperforming properties in Florida.

“The Park at Via Velino’ is very centrally located, close to great retail, the beach and right next to the Florida Institute of Technology,” said Avi Abadie, principal and co-founder of New York-based Cove, who previously was president of AMS Acquisitions for 10 years. “We are excited for the opportunity to improve the asset by upgrading and enhancing the units, amenities, and exteriors of the property so that the tenants  can enjoy a high quality living experience at the property.”
“There are very strong fundamentals in Melbourne, great job growth, in-migration and an incredible supply/demand imbalance and it was ranked number three in the country by the U-Hall Growth index for in-migration,” he added.

Representatives for Newark did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com