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Topaz Village Apartments and Townhomes 150 E University Blvd 229 Unit Apartment Building $30,000,000 ($131,004/Unit) Melbourne, FL 32901

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Investment Highlights

Current Ownership has Spent Nearly $4.2MM in Capital Expenditures Limiting the Need for Future Expenditures from New Ownership
Washer/Dryer Connections in Some Units with the Ability to Retrofit Remaining units with Connections and/or Appliances for Additional Upside
Located 0.3 Miles from FL Institute of Technology University Which Annually Enrolls Over 9,500 Students & Staff

Ability to Upgrade Classic, Partially Upgraded Units, and Further Enhance Fully Upgraded Units to Obtain Additional Rent Premiums
Diverse Mix of One, Two and Three-Bedroom Units Featuring Modern, Functional Floorplan Layouts
Being Offered Free and Clear of Debt Encumbrances

Executive Summary

Franklin Street is proud to present an outstanding investment opportunity in a prime location adjacent to Florida Tech University and just minutes from historic downtown Melbourne. With nearly $4.2 million recently invested in capital improvements, the need for immediate expenditure is minimized, allowing investors to focus on future value enhancement.
The property boasts a comprehensive range of amenities, including resort-style pools, a summer kitchen, and various recreational areas, which enhance its appeal. There is significant potential to increase rents; and the option to upgrade units and install washers/dryers offers additional revenue opportunities. This property is offered free and clear of debt encumbrances, providing investors with a clean slate for financial planning and investment growth.
In summary, this property represents a compelling investment opportunity with substantial value-add potential, excellent location benefits, and a strong tenant demand driven by nearby educational and employment centers. It’s an ideal choice for investors seeking a high-growth asset in a dynamic and promising market.

Executive Summary - Topaz Village - Franklin Street

Property Facts

Price	$30,000,000	Building Class	B
Price Per Unit	$131,004	Lot Size	12.68 AC
Sale Type	Investment	Building Size	176,708 SF
No. Units	229	Average Occupancy	89%
Property Type	Multifamily	No. Stories	2
Property Subtype	Apartment	Year Built	1976
Apartment Style	Garden	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	R3 - Residantial

Price	$30,000,000
Price Per Unit	$131,004
Sale Type	Investment
No. Units	229
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Garden
Building Class	B
Lot Size	12.68 AC
Building Size	176,708 SF
Average Occupancy	89%
No. Stories	2
Year Built	1976
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	R3 - Residantial