By Jeffrey Steele, Contributing Writer
Ft. Lauderdale, Fla.—The CBRE Capital Markets and Institutional Multifamily Group has been chosen as exclusive marketing advisor for the La Costa lakefront apartment community in Boynton Beach, Fla.
Situated at 4101 Mahogany Dr., the 328-unit, garden-style apartment community features 15 two- and three-story buildings on a 24.2-acre property.
“CBRE was the logical choice for marketing this assignment because we have a deep understanding of the asset, [having] sold the asset to the current owner in 2006,” Zachary D. Sackley, first vice president, institutional properties, multifamily, with CBRE Capital Markets, tells MHN. “Additionally CBRE has a deep understanding of the Boynton Beach Market given that we have worked on several transactions in the market including: Banyan Lake, Aventine at Boynton Beach, Florida Club, Monteverde, Peninsula on the Intracoastal, and the Villages of Banyan Grove.”
Twenty-one of the units at the community have been upgraded by current ownership. They now offer stainless steel appliances, new carpet, refinished cabinetry with frosted glass and brushed nickel pulls, and new lighting and plumbing fixtures.
All units come standard with private balconies and patios, while select residences feature walk-in closets, vaulted ceilings and full-size washers and dryers.
“The main challenge for this asset is the wood frame construction, which is a cause of concern for some buyers,” Sackley says. “CBRE will overcome these challenges by demonstrating the asset quality, and highlighting the fact that the inactive hurricane seasons during the last several years have created reasonable insurance costs for a future buyer.”
The pet-friendly apartment community’s amenity package includes two resort-style pools, fitness center, lakeside jogging trail with exercise stations, cybercafé and coffee bar, outdoor lounging area with WiFi access, a fishing dock, pair of illuminated tennis courts, car care center, recycle center and 24-hour emergency maintenance.
“The ability to acquire such an asset at a substantial discount to current replacement costs is rare,” says CBRE Investment Sales vice chairman Robert Given. “Returns already realized from the property’s in-unit renovation program also suggest a strong potential for increased income and an opportunity to capitalize on the investment long term.”
Appealing to current and prospective residents is La Costa’s enviable location in Boynton Beach, a lake-studded community south of Lake Worth and north of Delray Beach. La Costa is situated at the corner of Gateway Blvd. and North Congress Ave., where it is estimated the property is seen by approximately 74,000 vehicles each day. That location puts the community less than one mile from Quantum Corporate Park, the largest employment center in Boynton Beach. Also within a mile from La Costa are the Boynton Beach Mall and surrounding shopping and night life venues.
Collaborating with CBRE’s Given, the property will be represented by Zachary Sackley, Gerard Yetming and Mary Kate Swann of CBRE Investment Sales, along with Charles Foschini and Christopher Apone of CBRE Debt & Structured Finance.