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Capstone Apartment Partners is pleased to present the opportunity to acquire a 150+/- acre site with full entitlements and site plan approvals to develop a 248-unit, multi-family community in the City of Cocoa, which is located within Brevard County, FL. The site is within 9 miles of Port Canaveral and many renowned beaches along the East Coast of Florida. The Preserve at Cocoa offers a timeless location, first-class visibility, and excellent accessibility off of FL-528 on State Road 524. Aside from its convenient location to supporting infrastructure and employment centers, this site offers all requisite components of an attractive, fully entitled, multi-family community with 248 units on an approved site plan that consists of 13.29+/- acres along the street frontage on SR-524. This site is ideal for a 4-story wood framed structure with surface parking: as depicted in the proposed site plans within this offering memorandum. Based on the approved site plan, the remaining 137+/- acres is slated for environmental protection in an effort to preserve the surrounding landscape of the proposed multi-family development. The Preserve at Cocoa presents an unparalleled opportunity to acquire a truly desirable and expansive suburban development site, with limited competing inventory and a minimally competitive development pipeline.

Investment Summary:

Address of Property: SR 524 & Lance Drive
City, State, Zip: Cocoa, FL 32926
Parcel IDs: 24-35-13-00-750 & 24-35-24-00-1
Acreage: 150.35+/-
Current Zoning: C-N, RU-1-7, RU-2-15
Future Land Use: C-N: Neighborhood Commercial, LDR: Low Density Residential
Current Entitlements: 248 Units on 13.29+/- Acre Site Plan
Property Type: Multi-Family Land
Potential Density: 15 Units per Acre
Parking: 494 Surface Parking Spaces
Flood Zone: X
Sales Terms: Offered Freeand Clear on an All-Cash Basis
Offering Price: TBD by Market

Investment Highlights:

  • Fully Entitled & Approved Site Plan
  • Exceptional Visibility and Location
  • Minimal New Product & Development
  • Steep Growth Trajectory

 

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Q2 2020 Atlanta Market Report from Capstone Apartment Partners

Capstone Apartment Partners is pleased to share our Q2 2020 market report for Atlanta, GA. The content of the report aims to quantify the effects of the COVID-19 pandemic on the multi-family apartment sector. Click below to view the most recent report. We hope that you find this report useful and insightful! Click Here to […]

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