Rare and Exclusive Property Hits the Market
- Feb 23, 2015
Ft. Lauderdale, Fla.—CapasGroup Realty Advisors was presented with the exclusive listing of a rare investment and development opportunity in coastal Broward County.
Known as Castle Reef, the oceanfront multifamily property on the exclusive barrier island community of Hillsboro Beach, Fla., consists of a 12-unit residential building on the Atlantic Ocean and a multifamily development site along the Intracoastal Waterway.
“This property is ideally-suited for development of a high-end, boutique condominium community offering a private beach, boat dockage and views of both the Atlantic Ocean and the Intracoastal Waterway,” Brad Capas, President of CapasGroup told MHN. “Nearby oceanfront condominiums are priced in excess of $2.5 million or $950 per square foot.”
Hillsboro Beach is a small barrier island community that is home to some of the region’s wealthiest residents. Recently, the town made national headlines when one of its mansions along Millionaire’s Mile hit the market at $139 million, which at that time was flaunted as the nation’s most expensive residential listing. The island is nearly built to capacity so investment and development opportunities like Castle Reef are exceedingly uncommon.
Castle Reef, located at 1205 Hillsboro Mile, is equipped with 12 1,500 square foot units along with a beachfront pool and basement parking, an adjacent 1.01-acre of vacant land and direct views of the Atlantic and Intracoastal waterways. The town of Hillsboro Beach is located in northeast Broward County, just south of Boca Raton. It inhabits approximately 1.5 square miles with a population of 1,900. The private beaches along with its exclusive residential character, minimal tourist traffic boast that Hillsboro Beach is an extraordinary place to live.