Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Harvard Condo Rentals (the “Property” or “Harvard Condos”), a unique 98-unit offering out of a 112-unit fractured condominium community located in Melbourne, FL, part of the rapidly growing Space Coast MSA. The Property, comprised of 15 two-story buildings complete with detached garages for each condominium unit and unit sizes of 1,418 square feet, provides a unique living experience, in an incredibly rare concrete-block product type, that cannot be replicated at the same cost today.
Located on Florida’s Space Coast, the area is known for its dynamic job growth and access to some of the Nation’s top tech and defense contractors such as Lockheed Martin, Northrop Grumman, Blue Origin and L3 Harris. Completed in 2006 and 2011, the Property’s finishes have remained largely original, with the exception of moderate upgrades to a portion of the units, resulting in tangible increased rental premiums. Harvard Condos presents a compelling opportunity for new ownership to further implement a renovation program and to apply healthy rent premiums that are easily supported by the submarket’s outstanding performance in multi-housing fundamentals, as well as continue the repurchase of additional units, with the goal of moving to collapse the condominium association.
- High Quality Asset with Coveted Concrete Construction
- Proven Value-add Strategy with Significant Upside
- Attractive Investment Basis at Discount to Replacement Cost
- Outstanding Multi-Housing Market Fundamentals
- Proximity to MSA’s Largest Employers
- Stable Resident Profile