BOCA RATON, FL—The Whispering Palms Apartments and Del Rio South Apartments developments here have traded for a combined sales price of nearly $7 million.
The sale of the two properties was reported by the brokerage firm Marcus & Millichap. The 54-unit Whispering Palms Apartments sold for $4,329,310, while the 33-unit Del Rio South Apartments community sold for $2,645,690. Brandon J. Rex, a vice president, investments in Marcus & Millichap’s Fort Lauderdale office, represented the Boca Raton-based seller as well as secured the buyer, a limited liability company from Delray Beach, FL.
Whispering Palms Apartments consists of three two-story buildings that are comprised of 20 efficiencies, 24 one-bedroom/one-bath units, two two-bedroom/one-bath units, and eight three-bedroom/two-bath units. The property is located south of Yamato Road and west of Federal Highway at 4850 NE 5th Ave.
Del Rio South Apartments features two efficiencies, 27 one-bedroom/one-bath units and four two-bedroom/one-bath units in two, two-story buildings. The property at 480 West Camino Real is located south of Palmetto Road and west of Federal Highway.
“Positive trends are taking hold in Palm Beach County and providing momentum to the apartment sector,” says Marcus & Millichap’s Rex. “Single-family home sales and home building in the county are increasing, municipal budgets are in better shape, and infrastructure work delayed during the economic downturn is resuming. This was a rare opportunity for an investor to purchase two east Boca Raton apartment buildings.”