Franklin Street Negotiates $34M Sale of Apartment Community on Florida’s Space Coast

MELBOURNE, FLA. — Franklin Street has negotiated the sale of Paradise Cay Apartments, a 197-unit multifamily property in Melbourne. Topaz Capital Group LLC purchased the community from Wells Boys & Girls Management for $34 million, or $172,588 per unit. Darron Kattan, Zachary Ames, Avery Jordan, Mark Savarese, Cary Brown and Cameron Wolfe of Franklin Street represented both parties in the 1031 transaction. Located on Florida’s Space Coast at 1900 Post Road, Paradise Cay features one-, two- and three-bedroom units ranging from 619 to 1,061 square feet. Community amenities include a swimming pool, basketball court and picnic areas and gated access.