Goldman Sachs Acquires Viera Rental Asset for $94M
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.
From capital markets and financing trends to development, acquisitions, and property management strategies, Connect Apartments on September 11 in Los Angeles dives into the issues shaping today’s multifamily landscape. Join the experts leading conversations on affordability, innovation, market dynamics, and investment opportunities—all in one day, under one roof. If you want the latest insights that drive decisions in apartments, this is where you’ll find them: www.connectapts2025.com
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout