MELBOURNE, FL – Carter Multifamily announced the acquisition of Mode at Melbourne, a 166-unit garden-style multifamily community located in Melbourne, Florida. This latest addition to Carter Multifamily’s value-add portfolio will be managed by Allegiant-Carter Management, the in-house property management arm of Carter Funds. As an affiliated company under the Carter Funds umbrella, Allegiant-Carter Management will oversee the property’s day-to-day operations, ensuring seamless alignment with Carter Multifamily’s strategic vision and value-enhancement initiatives.
Mode at Melbourne is located in Melbourne, Florida, on the state’s rapidly growing Space Coast, southeast of Orlando. The property consists of 166 apartment homes featuring spacious one-, two-, and three-bedroom floorplans, with an average unit size of 1,707 square feet—approximately 500 square feet larger than the average of comparable units in the market. Built in 2020, the community spans approximately 218,592 rentable square feet and was 94.6% occupied at the time of acquisition, with an average monthly rent of $1,923.
Mode at Melbourne offers luxury-style amenities including a resort-style pool, fitness center, resident clubroom, EV charging station, dog park, and select units with water views. The property, formerly known as The Palm Bay Grand, will be rebranded to Mode at Melbourne, enhancing its market positioning.
Melbourne’s Space Coast is a rapidly expanding market fueled by strong population and job growth. Home to major employers like Northrop Grumman, L3Harris, SpaceX, and Blue Origin, the area continues to attract high-profile companies, including Boeing’s Space and Launch division. Ongoing tech sector expansion, such as L3Harris’ proposed 200-job campus growth, further drives housing demand, positioning Mode at Melbourne for long-term appreciation.
Carter Multifamily plans to enhance the property’s value through a targeted value-add strategy. This includes interior renovations, exterior upgrades, and operational efficiencies, as well as revitalizing the property’s branding.
Ray Hutchinson, Chief Executive Officer of Carter Funds, commented, “We’re excited to expand our multifamily portfolio into this dynamic, high-growth submarket along Florida’s Space Coast. Mode at Melbourne is well-positioned to capitalize on the region’s sustained population and job growth. With larger-than-average apartments, the property holds a unique competitive advantage and presents an brilliant opportunity for value creation.”

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GREENVILLE, SC – Flournoy Development Group, an industry leader in innovative, best-in-class multifamily developments throughout the sunbelt, announced the groundbreaking of District South, its newest luxury mixed-use community in Greenville, South Carolina. This highly anticipated project underscores the company’s ongoing dedication to expanding its premier multifamily portfolio.
Situated on a sprawling 21-acre site, District South will feature an impressive collection of 365 multifamily units, 90 for-rent townhomes, six carriage homes, and 13 retail spaces meticulously crafted to meet the lifestyle needs of today’s sophisticated residents. The vibrant community is composed of five four-tale apartment buildings, 12 townhome buildings, and three carriage home buildings designed to enhance seamless connectivity within the community and surrounding area.
Strategically positioned near major interstates I-85 and I-385, District South offers convenient access to Greenville’s diverse economic hubs, including major employers such as BMW, GE, Michelin, Jacobs, and Fluor. The site is located just off the well-traveled Woodruff Road corridor, providing immediate proximity to a wide range of dining, entertainment, and retail options, including Whole Foods, Fresh Market, Publix, and Sprouts. With Downtown Greenville only a 15-minute drive away, this location is ideal for professionals balancing city and suburban lifestyles.
Residents of this distinguished community will delight in premium amenities designed to foster wellness, relaxation, and social engagement. These amenities include a convenient grab-and-go market for everyday essentials, a stylish and inviting resident lounge, a state-of-the-art fitness and wellness center, and a resort-style swimming pool with an expansive pool courtyard. Additional outdoor grilling stations and entertainment areas provide ideal spaces for gathering with friends and neighbors, while pet owners will appreciate the dedicated dog park and an indoor pet spa. The community also features thoughtfully plotted sidewalks and vehicular connectivity, which provide simple access and convenient options for pedestrians, cyclists, and drivers alike.
Each apartment home will feature spacious one- and two-bedroom layouts with upscale finishes, including quartz countertops, stainless steel appliances, luxury vinyl plank flooring, and full-size washers and dryers, offering both style and functionality for future residents.
“We are thrilled to bring another meticulously designed, high-quality community to the Greenville market,” said Ryan Foster, Senior Vice President of Flournoy Development Group. “With a strong track record in Greenville with successful developments like District West and District Midtown, this project further reflects our commitment to delivering best-in-class communities that combine modern elegance, careful and thorough attention to detail, and a distinct sense of community.”
The project team includes architect Dynamik Design, general contractor McShane Construction, and local civil engineering firm Gray Engineering. The community will be expertly managed by Flournoy Properties Group.

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HOUMA, LA – ECI Group (ECI) announced the sale of Houma Highlands apartments at 461 S. Hollywood Road in Houma, Louisiana to Oakwood Capital Oakwood) for an undisclosed price. The 16-building, 378-unit community was built in phases, with Phase 1 completed in 2004 by another developer and then it was bought by ECI and Phase II was developed and completed in 2012.
“ECI is proud of our execution at Houma Highlands and the positive contributions we have made in the Houma community over more than a decade,” said Scott Levitt, Chief Acquisitions Officer at ECI Group. “We provided a continuum of integrated services at Houma Highlands, from development and construction management to property and asset management, and our team positioned it into the successful apartment community it is today. We know Oakwood will be brilliant stewards going forward.”
In October 2024, ECI received a $350 million infusion of equity from Almanac Realty Investors and continues to pursue acquisition and development opportunities in major markets in the Southeast and Texas.
Houma Highlands offers pet-friendly one-, two-, and three-bedroom homes with sophisticated finishes, including upgraded countertops, stainless steel appliances, and stylish flooring. Residents delight in an array of high-end amenities such as a resort-style pool, a fully equipped fitness center, and perfectly maintained green spaces.
For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, investment, and property management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,000 units located throughout the Southeast and Texas, ECI is strategically positioned to continue to be a leader in the multifamily industry.

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