Integra Acquires in West Palm Beach
This Florida community features garden-style apartments.
Integra Investments has acquired Monaco Isles, a community in West Palm Beach, Fla., sold by Axonic Properties. The 317-unit purchase reflects Integra’s interest in high-growth markets such as Palm Beach County.
Situated at 800 The Pointe Dr., the two-story, garden-style apartment property was built in 1987. It features one- and two-bedroom homes measuring from 790 to 1,174 square feet.
Apartments in Monaco Isles feature a distinctive loft-layout style. Units feature high-speed Internet access. Common-area amenities include a pool, jacuzzi, playground, fitness center, clubhouse, dog park, business center and picnic area.
“The multifamily market today is still a more challenging transaction environment than in prior cycles,” Matt Scarola, head of investments with Integra Multifamily, told MHN. “In particular, uncertainty in debt capital markets and elevated insurance pricing present large hurdles to finding pricing synergy between buyers and sellers.”
Located for activities
Monaco Isles provides convenient access to employment centers throughout West Palm Beach as well as to shopping, restaurants and nightlife. A shopping center anchored by a Publix supermarket stands adjacent to the apartment community. Monaco Isles is minutes from the Interstate 95 corridor, Palm Beach Outlet mall, Downtown West Palm Beach, Rosemary Square and the Evernia Street Brightline Station.
The nearby Lake Trail, where residents can bike or walk past historic mansions and the Intracoastal Waterway, helps make West Palm Beach an ideal community for active-minded people. Also common in the area are musical festivals and concerts, including to SunFest on the waterfront.
Monaco Isles is within a 9- to 20-minute drive of Palm Beach Atlantic University, Palm Beach State College and Florida Atlantic University.
A handful of commuter rail stations are situated within 7 to 20 minutes from the community. Palm Beach International Airport is less than 3 miles away. Nearby parks and recreation venues include Mounts Botanical Garden, Four Arts Gardens, Palm Beach Zoo at Dreher Park, South Florida Science Museum and Pine Jog Environmental Education Center.
Also recently, The Dermot Co. acquired The Quaye at Wellington in the same area. The 350-unit luxury community traded hangs for $144.2 million. It is located 13 miles from West Palm Beach at 1090 Quaye Lake Circle.
