Luxury Florida Property Changes Hands After $92M Loan
The community’s proximity to several transportation options and its suite of upscale amenities drew investor interest.
Aura Boca, a recently completed multifamily community in Boca Raton, Fla. has changed hands. The acquisition was made possible as a result of the procurement of $92 million in financing. The fixed-rate loan was provided by MetLife Investment Management on behalf of a client. Real estate services firm Cushman & Wakefield served as the exclusive adviser to institutional investors advised by J.P. Morgan Global Alternatives.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steven Kohn, Alex Hernandez, Alex Lapidus, and Chris Meloni represented the borrower.
Measuring approximately 507,000 square feet in size and set on a 3.8-acre parcel, Aura Boca offers more than 8,000 square feet of amenities. Among the more prominent common-area amenities is a swimming pool with waterfall.
The selection of apartments includes one- to three-bedroom layouts. Residences range from 705 to 1,414 square feet in size. Features and finishes of apartments include 9- to 10-foot ceiling heights, walk-in closets, tile and wood faux flooring, stone countertops and European-style, two-tone cabinets.
Situated in Boca Raton’s residential district at 789 West Yamato Road, Aura Boca is proximate to beaches, restaurants and nightlife choices. Three shopping centers are located within a 16-minute walk of the property. The apartment community is located less than 1 mile from the Boca Raton Tri-Rail Station, and a similar distance from Interstate 95. Each of these transportation linkages provides quick, easy access to Miami to the south and West Palm Beach to the north.
In a statement, a Cushman & Wakefield official noted Aura Boca has enjoyed excellent leasing velocity and dramatic rent growth. Earlier this month, Cushman & Wakefield arranged a $110 million refi of a luxury Seattle high-rise property, Met Tower.