CBRE has arranged the sale of the five-community, 144-unit Boca Garden multifamily portfolio in Boca Raton.
The buyer is Boca ATC LLC.
CBRE’s Still Hunter, Chris Smiles and Kaya Suarez represented the seller, LSR Communities.
The Boca Garden multifamily portfolio is composed of Dunes of Boca at 9400 Southwest 8th Street, Crown Court at 1300 Northwest 15th Ave, Court Gardens at 1200 Northwest 15th Ct, Keith Gardens at 1171 Northwest 15th Ave and Carriage Walk at 1400 Northwest 13 St.
“In addition to Boca Garden’s significant value-add potential by way of apartment and amenity upgrades, the communities are located in one of South Florida’s wealthiest and most well-educated submarkets,” said Suarez, Manager, Capital Markets at CBRE. “Furthermore, the only rental projects currently under construction in the submarket are luxury mid-rise developments targeting a resident profile distinct from the Boca Garden portfolio, making this a unique strategic opportunity for new ownership.”
Built between 1971 and 1987, the properties boast spacious apartments with two- and three-bedroom floorplans representing over 90% of the unit mix. The Dunes of Boca is immediately adjacent to the Boca Dunes Golf & Country Club – currently being redeveloped into 211 luxury townhomes with picturesque water features soon to be in the Dunes of Boca’s backyard. Carriage Walk, Crown Court, Keith Garden and Court Garden are all situated in prestigious East Boca Raton within walking distance of A-rated Boca Raton Middle and High Schools, a Whole Foods-anchored shopping center and Florida Atlantic University.
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