COCONUT CREEK, FL-Hillsboro Bay Club Apartments, a 366-unitclass A garden-style multifamily asset, sold for $53.1 million. The12-year-old property is 95% occupied.
Robert Given, executive vice president in the Miami office of CBRichard Ellis’ Institutional Group, along with team member ZacharySackley, represented the seller, Chicago-based Laramar Group.Seattle-based property investor Kennedy Associates acquired thecomplex in an all-cash deal. The acquisition marks Kennedy’sentrance into the South Florida market.
“We are seeing a lot of new institutional capital in SouthFlorida as the economic conditions are starting to improve,” Giventells GlobeSt.com. “That’s indicative of what we are going to seethrough the balance of 2011 and 2012. Kenney Associates is anothernew name to add to the list of investors in South Florida.””
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