BOCA RATON, FL-An undisclosed seller exits this market with the disposition of a three-property multifamily rental portfolio aggregating 476 units for $91 million, or a little more than $191,176 a unit. The buyer is the South Florida affiliate of Israel-based Elad Group.
The properties are: Gardens on the Fairway, a 180-unit complex at the intersection of S. Military Trail and SW 18th Street; Mi Casa, a 190-unit complex in the heart of the Boca Del Mar development; and neighboring Su Casa, a 169-unit complex. The buyer plans to convert all of the properties to for-sale condos, Charles Crapse, VP in the Miami office of CB Richard Ellis, tells GlobeSt.com.
"The properties were built in the late 1980s," he says. "The aggressive pricing…[is] attributed to the highly desirable product being maintained in pristine condition through excellent self-management. "As housing prices continue to appreciate year after year at double digits in Boca Raton, the conversion of garden-style apartments has become the entry-level housing for first-time home-buyers as well as excellent investments for private individuals," Crapse says. These three assets "can be offered to the public well below that of the average single-family homes in the Boca Raton area."
Crapse; Jay Massirman, vice chairman; Todd Weinstein and Gerard Yetming, associates, and Cindy Kamin, first VP in the CBRE office, marketed the portfolio and represented the seller. Elad was represented in house.
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