Carter Multifamily Acquires $37.7 Million Asset in Booming Space Coast Market

Carter Multifamily has acquired Mode at Melbourne, a 166-unit garden-style multifamily community located in Melbourne, Fla. Acquired for $37.7 million, this latest addition to Carter Multifamily’s value-add portfolio will be managed by Allegiant-Carter Management, the in-house property management arm of Carter Funds – an integrated real estate acquisition and investment management firm.

Allegiant-Carter will oversee the property’s day-to-day operations, ensuring seamless alignment with Carter Multifamily’s strategic vision and value-enhancement initiatives.

Mode at Melbourne is located in Florida’s rapidly growing Space Coast, southeast of Orlando. The property consists of one-, two-, and three-bedroom floorplans, with an average unit size of 1,707 square feet – approximately 500 square feet larger than the average of comparable units in the market. Built in 2020, the community spans approximately 218,592 rentable square feet and was 94.6% occupied at the time of acquisition, with an average monthly rent of $1,923.

Mode at Melbourne amenities include a resort-style pool, fitness center, resident clubroom, EV charging station, and dog park. Select units also have water views. The property, formerly known as The Palm Bay Grand, will be rebranded to Mode at Melbourne, enhancing its market positioning.

Melbourne’s Space Coast is a rapidly expanding market fueled by strong population and job growth. Home to major employers like Northrop Grumman, L3Harris, SpaceX and Blue Origin, the area continues to attract high-profile companies, including Boeing’s Space and Launch division. Ongoing tech sector expansion, such as L3Harris’ proposed 200-job campus growth, further drives housing demand, positioning Mode at Melbourne for long-term appreciation.

Carter Multifamily plans to enhance the property’s value through a targeted value-add strategy. This includes interior renovations, exterior upgrades, and operational efficiencies, as well as revitalizing the property’s branding.

“We’re excited to expand our multifamily portfolio into this dynamic, high-growth submarket along Florida’s Space Coast,” said Ray Hutchinson, chief executive officer of Carter Funds. “Mode at Melbourne is well-positioned to capitalize on the region’s sustained population and job growth. With larger-than-average apartments, the property holds a unique competitive advantage and presents an excellent opportunity for value creation.”

Carter Multifamily is a Carter Funds company acquiring and managing high-quality garden-style multifamily real estate properties in the U.S. with value-add enhancement opportunities. As of February 2025, Carter Funds managed a portfolio of more than 10,500 apartment homes with assets under management totaling approximately $3.3 billion.

Last summer, Carter Funds grew its registered investment adviser and family office sales team with the appointment of Andrea Rogers to vice president and internal sales director.

Click here to visit Alts Wire directory page.