PALM BEACH—Miami’s multifamily momentum is undeniable, and it’s traveling northward. The sale of Midtown Delray, a 116-unit luxury townhome community in Palm Beach County’s Delray Beach, is the latest example.
ARA principals, Avery Klann and Hampton Beebe represented the seller, Wood Partners, with assistance from ARA managing partners Marc deBaptiste and Richard Donnellan. Boston-based Intercontinental Real Estate Corporation acquired the asset. Financial terms of the deal were not disclosed.
“Despite the small size of the community with just 116 units, the high quality product and location proved to be a strong draw for institutional, international, private and high net worth buyers,” Klann tells GlobeSt.com. The multifamily asset came to market in 2013 and offers direct access to Linton Boulevard, between Military Trail to the west and Interstate 95 to the east.
“Office Depot’s Global Headquarters is located three miles south of Midtown Delray within the Arvida Park of Commerce, an 850-acre corporate park with an estimated five-million square feet of office space,” says Klann. “Delray Medical Center, with an estimated 1,600 employees, is located just two minutes west of the property.”
Downtown Delray Beach is located four miles northeast of the multifamily property. The Atlantic Ocean and beaches are three miles east from Midtown Delray Beach. Beebe says, “The property sustained a rapid lease-up while offering minimal concessions, demonstrating an immense demand for the community.”