MIAMI—There's nothing broken about Mizner Court at Broken Sound—and the price it fetched proves the point. The 450-unit luxury multifamily community in Boca Raton just sold for $74.745 million, or $166,000 per door.

Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, represented the seller. IPA senior director Still Hunter III helped CLP Mizner Court LLC sell the multifamily asset to Mizner Court Holdings LLC. Mizner Court at Broken Sound was built in 1987. About 75% of the unit interiors were recently renovated to condominium-quality finishes.

“Mizner Court at Broken Sound is a rare asset of significant size with strong value-add potential in one of South Florida's most desirable and affluent communities,” says Hunter. “Proximity to A-rated schools and employment centers, limited rental competition in the area, and the potential for revenue enhancement through strategic renovations place this property in an excellent position for future growth.”

Located at 6503 North Military Trail, the multifamily complex sits on one of the busiest north-south thoroughfares in Palm Beach County. Average traffic counts total nearly 35,000 vehicles per day.

Strategic location may be an understatement. Mizner Court at Broken Sound is about two miles west of the Yamato Road/Interstate 95 interchange. That gives residents quick access to the region's major transportation corridors.

What's more, this interchange is also home to a South Florida Regional Transportation Authority Tri-Rail commuter train station that residents can reached via an Arvida Park of Commerce shuttle stop directly across the street from the multifamily property at Office Depot's 625,000-square-foot national headquarters. The Arvida Park of Commerce is an 850-acre business park with more than 5 million square feet of commercial space and 79,000 daytime jobs.


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