BOCA RATON, FL—The Whispering Palms Apartmentsand Del Rio South Apartments developments herehave traded for a combined sales price of nearly $7 million.

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The sale of the two properties was reported by the brokeragefirm Marcus & Millichap. The 54-unitWhispering Palms Apartments sold for $4,329,310, while the 33-unitDel Rio South Apartments community sold for $2,645,690.Brandon J. Rex, a vice president, investments inMarcus & Millichap's Fort Lauderdale office, represented theBoca Raton-based seller as well as secured the buyer, a limitedliability company from Delray Beach, FL.

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Whispering Palms Apartments consists of three two-storybuildings that are comprised of 20 efficiencies, 24one-bedroom/one-bath units, two two-bedroom/one-bath units, andeight three-bedroom/two-bath units. The property is located southof Yamato Road and west of Federal Highway at 4850 NE 5th Ave.

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Del Rio South Apartments features two efficiencies, 27one-bedroom/one-bath units and four two-bedroom/one-bath units intwo, two-story buildings. The property at 480 West Camino Real islocated south of Palmetto Road and west of Federal Highway.

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“Positive trends are taking hold in Palm Beach County andproviding momentum to the apartment sector,” says Marcus &Millichap's Rex. “Single-family home sales and home building in thecounty are increasing, municipal budgets are in better shape, andinfrastructure work delayed during the economic downturn isresuming. This was a rare opportunity for an investor to purchasetwo east Boca Raton apartment buildings.”

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.