Space Coast Multifamily Market Heats Up: Mode at Melbourne Sells for $37.7M
In a major move within Florida’s vibrant multifamily real estate market, Carter Multifamily has acquired Mode at Melbourne, a 166-unit luxury garden-style apartment community located in West Melbourne, Florida, for $37.7 million. The acquisition highlights growing investor interest in the Space Coast, a region renowned for its expanding aerospace industry, coastal lifestyle, and strong rental demand.
Previously known as The Palm Bay Grand, Mode at Melbourne was completed in 2020 and quickly gained a reputation for offering upscale living in one of Brevard County’s most desirable areas. At the time of the transaction, the community boasted a strong 95% occupancy rate, according to data from CommercialEdge.
Spacious Floorplans and Resort-Style Amenities
The property features an attractive mix of one-, two-, and three-bedroom apartment homes, averaging an impressive 1,707 square feet in size—well above average for the market. Monthly rents averaged $1,923, reflecting the property’s luxury positioning.
Residents enjoy an extensive list of resort-style amenities, including:
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A resort-style pool with sundeck
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Fully equipped fitness center with cardio and strength training equipment
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High-speed Wi-Fi resident clubroom
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EV charging stations
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Dog park and playground
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Detached garages and car care center
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Select homes with tranquil pond views
These features, paired with the community’s proximity to employers, shopping, dining, and the Atlantic beaches, make it a prime destination for renters seeking comfort, convenience, and upscale living.
Carter’s Vision for the Property
With the acquisition finalized, Carter Multifamily plans to invest in extensive renovations, including both interior upgrades and exterior enhancements, as well as refreshed branding to elevate the property’s presence in the market.
Property management will be overseen by Allegiant-Carter Management, the in-house team under Carter Funds, ensuring a high level of service and operational excellence.
The investment reinforces Carter’s strategy of targeting well-located, high-performing assets in growth markets with room for value-add enhancements.
West Melbourne: A Hotspot for Investment
The West Melbourne area continues to attract attention for its combination of suburban charm and economic growth. Located southeast of Orlando, the Space Coast is home to major employers including Northrop Grumman, L3Harris Technologies, and Blue Origin. This job growth, coupled with lifestyle appeal, contributes to rising rental demand and investor confidence.
For renters, Mode at Melbourne offers the chance to live in a professionally managed, amenity-rich community near the region’s best attractions—from the Eau Gallie Arts District to nearby beaches and parks.
About Darron Burow – Satellite Beach REALTOR You Can Count On
Looking to buy a home, sell your house, or learn more about the local housing market? Darron Burow, a trusted Satellite Beach REALTOR and local real estate expert, is here to help. With extensive knowledge of homes for sale, down payment assistance programs, first-time home buyer guidance, and the latest real estate listings, Darron is committed to delivering expert real estate services with a “service before sales” attitude.
Whether you’re searching for open houses near me, looking for a home valuation, or need strategic home buying tips, Darron is your go-to real estate professional on the Space Coast. Ready to navigate the market with confidence? Contact Darron today for a no-obligation consultation.