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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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Capstone Apartment Partners has closed the $16.9 million sale of Brannon Park: a 299-unit garden-style apartment community in the Northeast Greensboro submarket, situated within one mile of two grocery stores, several restaurants, and retail outlets. The tree-lined property sits on nearly 24 acres, with 13 three-story apartment buildings nestled around a small lake.

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