TH Real Estate Picks Up 228-Unit FL Community
- Aug 21, 2017
TH Real Estate, a subsidiary of TIAA, purchased The Atlantic at East Delray, a 228-unit community in Delray Beach, Fla. PS Vinings Owner LLC, a partnership between Pollack Shores and an affiliate of Heitman LLC, sold the property. According to the Daily Business Review, the asset traded for $54.3 million. Executive Managing Directors Avery Klann and Hampton Beebe, Director Jonathan Senn, Transaction Manager Matthew Scarola and Vice Chairmen Dick Donnellan and Marc deBaptiste, all from ARA Newmark, represented the sellers in the transaction.
Located at 650 Lavers Circle, the Southeast Florida community is just east of Interstate 95 and close to retail options, the beach and the primary entertainment strip in Delray Beach, Atlantic Avenue. The property’s location provides access to major employment centers in both West Palm Beach and Boca Raton. Featuring luxury one-, two- and three-bedroom apartments, the 1996-built property includes various amenities, such as:
- A sand volleyball court
- Dog park
- Swimming pool
- Picnic area
- Business center
- Car wash station
- Fitness center
Apart from vaulted ceilings, screened-in balconies or patios and spacious walk-in closets, some upgraded apartments also feature new cabinetry, stainless steel appliances, quartz countertops, glass tile backsplashes and vinyl plank flooring. “The investment strategy includes in-unit renovations and amenity improvements that will enhance the community,” said TH Real Estate Senior Associate Thomas Minkowicz, in prepared remarks.
TH Real Estate currently owns more than 30,000 units. “The multifamily sector continues to demonstrate favorable fundamentals and by employing active asset management and targeted repositioning, we expect to further enhance these investments,” said TH Real Estate Senior Director Brian Eby.
Images courtesy of The Atlantic at East Delray website