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POMPANO BEACH, FL-The Scully Co. has purchased St. Andrews at Palm Aire apartments here for nearly $20.7 million. The price equates to approximately $99,423 per unit. The seller of the 208-unit property was an institutional client of AEW Capital Management.

The luxury community consists of nine two- or three-story apartment buildings, a 5,880-sf clubhouse/leasing facility, 40 deluxe carports and 11 detached garages. Located at 1000 S.W. 46th Ave., the property is in the exclusive Palm Aire golf course community, and is bordered by Palm-Aire Drive West to the north, Cypress Grove Drive to the east, Florida’s Turnpike to the west, and Cypress Grove Country Club to the south. St. Andrews at Palm Aire was built by the Related Group in 1995.

The Florida office of Apartment Realty Advisors, a national multifamily brokerage and investment advisory company, represented the seller in the transaction. Marc deBaptiste, principal, and Kevin Judd, vice president, led ARA’s marketing team.

The apartment community’s amenities include views of the golf course; a pool and spa; a business center; a fitness center, tennis, volleyball and air-conditioned racquetball courts; and a game room. The property has six floor plans that include washers and dryers, balconies/patios, bathroom ceramic tile and kitchen televisions.

The property is located near Broward and Palm Beach counties’ employment concentrations in Cypress Creek, Downtown Fort Lauderdale and Boca Raton. The property is in an infill location, where possible additions to the apartment supply are limited.

“St. Andrews at Palm Aire represents an excellent example of a high-quality asset in a core apartment market,” according to Judd. “Stable performance, minimal additions to supply, and high-quality construction and design features make this type of property a rare commodity.”

In January 2003, M/PF Research gave Broward County an A, the second-highest rating, for apartment performance for the coming year, placing the county in the top 10 apartment markets in the nation.

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