Southeast FL Affordable Community Fetches $16M
- Jan 15, 2018
CBRE has brokered the sale of Marina Bay Apartments, an affordable community in Lantana, Fla. The 192-unit property changed hands in a $15.8 million deal. According to public records, Marina Clinton Associates Ltd. sold the asset to Southport Financial Real Estate LLC.
Located at 2400 Lantana Road, on the edge of Lake Osborne, the apartment community was completed in 2001 and features a mix of one-, two- and three-bedroom units. Community amenities include a clubhouse, swimming pool with sundeck, business center, courtyard with picnic area, fitness center, on-site laundry facilities and playground. Each residence features European-style cabinets, central heat and air conditioning, patios, balconies and washer-dryer connections.
CBRE Senior Vice President Timothy Flint of Seattle CBRE Affordable Housing, with local representation from Senior Vice President Richard Tarquinio, worked on behalf of the seller in the transaction. In August 2017, in a similar deal, CBRE completed the sale of The Emerald Palms Apartments, an affordable community in Dania Beach, Fla.
“With a strong operational trend over the past 24 months, averaging less than 1.3 percent economic loss, Marina Bay proved to be a great investment opportunity for the buyer,” Tarquinio said in prepared remarks. “Lantana’s sustainability resolutions and ongoing revitalization efforts—along with an abundance of undeveloped industrial and commercially zoned properties—make it an attractive opportunity for investors.”
Lantana is centrally located in the Palm Beach region, within 20 minutes of West Palm Beach and Boca Raton, and within 90 minutes of Fort Lauderdale and Miami. The Palm Beaches are connected to Southern Florida through an accessible system of interstates and highways, as well as rail and bus options.
Image courtesy of CBRE