TAMPA, FL – February 27, 2025 – Carter Multifamily is excited to announce the acquisition of Mode at Melbourne, a 166-unit garden-style multifamily community located in Melbourne, Florida. 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. As an affiliated company under the Carter Funds umbrella, Allegiant-Carter Management 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 Melbourne, Florida, on the state’s rapidly growing Space Coast, southeast of Orlando. The property consists of 166 apartment homes featuring spacious 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 offers luxury-style amenities including a resort-style pool, fitness center, resident clubroom, EV charging station, dog park, and select units with 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.
Ray Hutchinson, Chief Executive Officer of Carter Funds, commented, “We’re excited to expand our multifamily portfolio into this dynamic, high-growth submarket along Florida’s Space Coast. 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.”
About Carter Multifamily
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. Carter Multifamily’s leadership team has over 300 years of combined experience in the real estate sector and leverages key relationships in multifamily to focus on driving growth and income opportunities for investors. As of February 2025, Carter Funds manages a portfolio of more than 10,500 apartment homes with assets under management totaling approximately $3.3 Billion.
Media Contact:
Stacy Sheedy
Vice President, Marketing, Carter Funds
ssheedy@carterfunds.com
813-358-5982