The Monroe on Monterey (Palm Bay,FL)

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire The Monroe on Monterey (“The Property”), a 271-unit garden-style community built in 1985. The Property is 2- and 3-story concrete block construction, located at 1635 Monterey Drive NE in Palm Bay, FL. Strategically positioned in the heart of Florida’s Space Coast, the Property offers residents immediate access to the region’s thriving aerospace and defense corridor, with L3 Harris headquarters (6,500+ employees) just 4 minutes away, plus Collins Aerospace, Northrop Grumman, and Health First’s 9,500+ employees within 12 minutes. The Monroe features a unit mix predominantly consisting of 1-bedroom apartments with an average size of 581 square feet, along with comprehensive lifestyle amenities including two swimming pools, a modern fitness center, newly installed grilling stations, a dedicated dog park with on-site pet spa, and an on-site tennis court with potential for conversion to pickleball courts or turfed recreational area. The Property provides premium living options in a market supported by $93,995 average household income within 5 miles and sustained 7.9% population growth.

Additionally, there is value-add potential through interior renovations across 131 units (48% of the property), with proven rental premiums of up to $155 per unit already demonstrated by existing renovated units. The full-scope renovation opportunity includes granite countertops, subway tile backsplash, stainless steel appliances, upgraded light fixtures, and new cabinets. Operating within a high growth Space Coast submarket benefiting from billions in aerospace investments including Amazon’s $140 million Project Kuiper facility, L3Harris’ $100 million Golden Dome expansion, and STARCOM headquarters relocation bringing 450+ high-skilled personnel, The Monroe on Monterey is positioned to capitalize on exceptional employment growth and economic diversification while providing residents premium lifestyle amenities and immediate access to comprehensive retail destinations including Hammock Landing and Melbourne Square.