DELRAY BEACH, FL-Wellington-based Bainbridge Communities paid just over $52.2 million, or $326,445 a unit, for Pineapple Grove Village, a 160-unit luxury, mid-rise rental community at NE 2nd Avenue and NE 2nd Street Downtown. The complex was just completed by West Palm Beach-based Ram Development Co., and Bainbridge plans a condo conversion.
Kevin Judd, SVP, and Dick Donnellan, principal in Boca Raton-based Apartment Realty Advisors, represented Ram in the sale and also found the buyer. "There was huge interest in the property and a number of offers," Donnellan tells GlobeSt.com, adding that the price is undoubtedly a record for a mid-rise Downtown. "There was no asking price," he says. "We're not putting prices on properties now, because the market's so hot we don't want to leave any money on the table."
Judd says the property's position, "between Boca Raton and West Palm Beach, is one of the most desirable locations in the region. It has a unique urban location close to numerous restaurants, shopping and entertainment venues along Atlantic Avenue, only two blocks to the south. Lastly, the high quality site plan and unit design will allow Pineapple Grove to effectively compete with nearby high quality condominium communities that will not be delivered for at least another year."
Pineapple Grove contains 136 one-, two- and three-bedroom units ranging from 1,700 sf to 2,000 sf along with 24 two- and three-bedroom townhouses. Kitchen appliances and bath fittings are top of the line, and the complex includes a pool, billiard room, business center and fitness center. Donnellan says it's approximately 60% leased. For-sale prices have not yet been set, and he declines to speculate, saying "prices in the area are rising dramatically."
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