PAC Land Development has sold off a recently completed 270-unit apartment complex in Viera, Florida. Goldman Sachs paid $94 million for the property, which amounted to nearly $350,000 per unit.
Commercial Edge reports PAC completed the property last year using financing of a $49.1 million loan originated by Synovus Bank.
Addison Square comprises nine two-, three- and four-story buildings across 14 acres at 7578 Highsmith Road. The property includes one—to three-bedroom units with an average size of 1,116 square feet. Apartments include balconies and walk-in closets.
The stout amenity package includes a saltwater swimming pool with spa tub, fitness center, theater room, clubhouse and social lounge area, conference room with private offices, as well as a children’s playroom and a gaming room with indoor golf simulator and a bowling alley. Additionally, Addison Square has a sundeck, pizza ovens, private cabanas and a barbecue area, an indoor basketball court, EV charging stations and storage units.
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