PALM BEACH, FL-The Heritage at Boca Raton, an ultra-luxury class AAA multifamily asset in Boca Raton, has traded for an undisclosed price. The 248-unit asset is 92% occupied.

ARA’s Boca Raton-based sales team of senior vice president Hampton Beebe, along with principals, Avery Klann and Marc deBaptiste represented Priderock Capital Management in the sale. A large pension fund advisor purchased the property in an all cash closing.  

“The Heritage is unique because it was originally designed as a condo project,” Beebe tells GlobeSt.com. “The interior unit finishes, building design and amenities are unsurpassed. The Heritage is one of the finest rental communities in South Florida, the sale attracted just about every major core buyer in the country in a very competitive sales process.”

Select unit features include 18-inch Saturnia flooring, custom Italian cabinets, granite countertops, stainless steel appliances, hurricane impact glass windows, built-in microwaves, oversized soaking tubs, glass-enclosed showers, large capacity washer and dryers, expansive tiled balconies, intrusion alarms and large walk-in closets.

The multifamily property is located one mile west of the Atlantic Ocean. The property has a full block of frontage along Palmetto Park Road, a heavily-traveled road extending from Ocean Boulevard in the east to west of US Highway 441.

“Heritage is located within walking distance of prestigious Mizner Park, an upscale dining and shopping destination,” deBaptiste said in a statement. “The property is also only five minutes from the 1.7-million-square-foot Town Center at Boca Raton Mall.”

Beebe and Klann have brokered 12 multifamily deals in South Florida this year at prices ranging from $10 million to $85 million. He says the deals have varied in age and classification. And the duo isn’t done yet. They are readying for the end-of-year multifamily rush.

“We sold Midtown 24 in late August which was probably the most similar to Heritage, but we also sold Residences at Bayview in January of 2011 which was another midrise core property,” Beebe says. “We anticipate closing another two or three deals this year in South Florida.”