November 11, 2019
Franklin Street has brokered the $14.8 million sale of Bridgewater Pointe Apartments, a 100-unit multifamily community in Melbourne.
Darron Kattan, Zach Ames, Kevin Kelleher, Robert Goldfinger, Joe Rubin and Avery Jordan of Franklin Street’s multifamily investment sales team represented both the seller, Northeast-based BWP Investors, and the buyer, Ohio-based Bridgewater Apartment Partners, in the transaction. Franklin Street also arranged the sale of Bridgewater Pointe for $8 million in 2017. The property underwent a significant renovation since the 2017 purchase, with rents moving up as much as $500 per unit monthly during the seller’s ownership period.
Built in 1987, Bridgewater Pointe is a two-story apartment property that includes 14 buildings with water views and full-size washer/dryer units in each unit. The property is located at 151 Eber Blvd. Amenities include a pool, clubhouse, fitness center and a business center.
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