(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

PALM BEACH, FL—Ashley Lake Park has traded for $27.1 million. The 300-unit multifamily asset is located in Boynton Beach, FL.

ARA brokered the sale of the multifamily property. The Boca Raton-based sales team of senior vice president Hampton Beebe, principal, Avery Klann, and principal Marc deBaptiste represented Chicago-based Capri Capital Partners in the sale. Boston-based Robbins Property Associates acquired the multifamily asset.

“There were housing bonds on the asset,” Beebe tells GlobeSt.com. “We marketed the multifamily property both ways—with an option to extend the bonds or to have them paid off. Ultimately, the most aggressive buyer was an all-cash group. Capri Capital paid off the bonds.”

Ashley Lake Park is located on the west side of Military Trail, one of the major north-south thoroughfares in southern Palm Beach County. That’s just three miles west of Interstate 95.

Beebe says Ashley Park offers significant value-add potential with the implementation of an interior multifamily unit upgrade program. Newer properties in south Palm Beach County are seeing rental premiums where similar upgrade programs have been completed, he adds.

ARA reports strong fundamentals in the Palm Beach County multifamily market. Occupancies are averaging 95%.

“Palm Beach County is showing overall rent growth projections over the next few years, with 5% this year, 4% next year and just under 4% in 2014,” Beebe says. “When you factor that into your assumptions over the next couple of years and then put in an interior rehab on top of that, it becomes extremely attractive, especially when you can debt at 4%.”