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


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.


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.


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.


“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.