Passco Acquires Apartment Community in Florida’s Space Coast for $53.5M

WEST MELBOURNE, FLA. — Passco Cos. has purchased The Haven at West Melbourne, a 336-unit apartment community located at 4550 Explorer Drive in West Melbourne, part of Florida’s “Space Coast” in Brevard County along the Atlantic Ocean. Community amenities include a resort-style pool and sundeck, business center, sand volleyball court, children’s play park and a yoga center. The property was 95 percent occupied at the time of sale. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented the seller, Flournoy Cos., in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos.