At that price, the per-unit cost is $140,873. After redevelopment, the per-unit cost will be $145,492, still below replacement cost for a class A, near Downtown multifamily product, area brokers tell GlobeSt.com. After redevelopment, Boca East's size will drop to 244 units averaging 1,253 sf per unit.
"This is a great example of the repositioning opportunities that exist today in high-growth areas throughout Florida," Marc deBaptiste, co-founder/managing director, Atlantic Realty Properties, Boca Raton, says in a prepared statement. Atlantic Realty put the deal together.
The broker says the new owners are optimistic in getting a fair, long-term return on their investment because Boca East is positioned near other high-rent, high-quality product and is "ideally located near the emerging Downtown core of Boca Raton," one of the most affluent communities in South Florida.
"The property, with its new façade, new floor plans and amenities will ostensibly provide a new development product on an irreplaceable site," deBaptiste says.
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