Florida Community Sells for $92M

The buyer, American Landmark Apartments, plans an additional $6.2 million in capital improvements at the 448-unit community located in Boca Raton.
Alister Boca Raton. Image courtesy of Newmark Knight Frank
Alister Boca Raton. Image courtesy of Newmark Knight Frank

American Landmark Apartments has acquired Alister Boca Raton, a 448-unit community located in Boca Raton, Fla. A joint venture between Mill Creek Residential and AIG sold the property for $91.5 million. The new owner is set to invest $6.2 million in capital improvements and will rename the property Cielo Boca. The six-building community was approximately 95 percent occupied at the time of sale.

Located at 10235 Boca Entrada Blvd., Alister Boca Raton is close to important transit corridors and employment centers. Nearby U.S. Route 441 and the Florida Turnpike offer convenient access to West Palm Beach and Miami. Both Boca Raton town center and Florida Atlantic University are within 9 miles of the community.

Completed between 1986 and 1988, the community encompasses one-, two- and three-bedroom units ranging from 704 to 1,200 square feet, according to Yardi Matrix. Unit amenities include washer/dryers and walk-in closets, while common-area amenities include two swimming pools, a car care station, a tennis court and a playground.

Capital improvements and renovation

Prior to selling the asset, Mill Creek carried out an extensive value-add program that included fully renovating approximately 30 percent of the units and upgrade to the building exteriors and resident amenity spaces. American Landmark, which recently purchased a $311 million Texas portfolio, is also set to carry out capital improvements throughout the property, including glass backsplash, new cabinets, improved landscaping, parking lot repairs and new pool furniture.

Newmark Knight Frank’s Vice Chairman Avery Klann and Hampton Beebe, and Director Jonathan Senn represented the seller, while Managing Director Matthew Mense secured a Freddie Mac loan on behalf of the buyer.