BC Property Investments Buys Boca Apartments for $80.3M
- Jun 16, 2014
Boca Raton, Fla.—A 336-unit luxury apartment community known as San Marco at Broken Sound has traded hands for $80.3 million in Boca Raton, Fla. Chicago-based Capri Capital Partners sold the asset to BC Property Investments in an ARA-brokered sale.
The 1992-built community has been institutionally owned by the same firm for the past 20 years, and was 96 percent occupied at the time of sale.
“Additionally, San Marco is located on the western edge of one of South Florida’s largest office markets, comprised of nearly seven million square feet of Class “A” office space. The location gives San Marco direct access to this deep and diverse job base,” says ARA’s Boca Raton-based principal Hampton Beebe, who worked alongside Avery Klann, Marc deBaptiste and Richard Donneling in closing the deal.
“The Boca Raton submarket is the fastest growing submarket in Palm Beach County and has a current occupancy rate of 95.7%,” adds Beebe. “The Palm Beach County rental market has shown a continued growth in occupancy and has a current occupancy rate of 94.8 percent. Effective rents in the market increased by a year-over-year rate of 4.8 percent as of 1Q 2014.”
Praedium Group expands portfolio with $26M Phoenix buy
Phoenix—The Praedium Group has picked up Adobe Ridge Apartments, a 224-unit community in Phoenix, for $26 million from a private investor. The 2005-built asset is located near the Deer Valley Employment Center and Arrowhead Town Center, which is the only enclosed mall on the west side of Phoenix.
“Adobe Ridge is a high quality multifamily asset in the Phoenix market, which is still in the early stages of recovering from the financial crisis,” says Asim Hamid, director of The Praedium Group. “During the downturn, employment fell dramatically in this market, but in 2013 we saw job growth in the Phoenix area surpass the national average and we expect this trend to continue. With recent employment gains in Phoenix, demand has improved while additions to supply remain below the historical average.”
Amenities include a fitness center, clubhouse, kitchenette, business center, pool with cabanas and a barbecue area. Praedium has plans to upgrade amenity spaces and landscaping.
Stockbridge affiliate buys Massachusetts apartment asset
Wilmington, Mass.—CBRE/New England’s Capital Markets has brokered the sale of a 108-unit, transit oriented apartment community located in Wilmington, Mass., on behalf of the seller, a joint venture between EA Fish Development and Real Estate Capital Partners. Simon Butler and Biria St. John, both executive vice presidents and partners at CBRE/NE, handled the sale and procured the buyer, Core and Value Advisors LLC, an affiliate of Stockbridge.
Known as Metro at Wilmington Station, the asset consist of two three-story elevatored apartments buildings with one detached single-story garage and 35 enclosed garage spaces. Completed in 2013, the community was permitted under Chapter 40B and has 30 affordable units set aside for households earning up to 80 percent of the AMI. Amenities include a community room with kitchen, flat-screen, fireplace, billiards table; two separate resident lounges; a dog park; fitness center; and an outdoor barbecue area. The TOD element comes from its direct access to the Wilmington MBTA commuter rail station.
“We are pleased to have facilitated this transaction on behalf of our client. The sale of Metro at Wilmington Station represents the final chapter in a redevelopment of a former underutilized industrial property into one of the few true transportation-oriented developments in the Boston Metro,” says St. John. “Metro at Wilmington Station is truly a unique property with the MBTA train platform at the edge of the property.”