Updated August 10, 2021
Cushman & Wakefield has arranged the sale of The Village at Boca East, an 84-unit apartment community located in Boca Raton.
The final sale price was $20 million.
Calum Weaver, Perry Synanidis and Garrett Pordes of Cushman & Wakefield represented the seller, 3T Country Club Village LP, in the transaction. Rental Asset Management acquired the property.
“Boca Raton is a red hot multifamily market,” Weaver said. “The property attracted an enormous attention during marketing and received double-digit offers by the end of marketing.”
Berkadia arranged $12 million in financing for the acquisition. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia Boca Raton secured the financing on behalf of Rental Asset Management (RAM). Berkadia originated and Freddie Mac purchased the 10-year, Green Up® loan with a fixed rate.
“The property’s competitive location near Florida Atlantic University and Palm Beach County’s rising employment rates provided two important demand drivers in a market that’s seen rising corporate relocations benefitting new and current residents,” said Sinberg. “Taking advantage of Freddie Mac’s Green Up® financing, the sponsor will be able to carry out an extensive value-add program that also brings necessary eco-friendly upgrades throughout the asset.”
Located at 1601 NW 13th Street, the garden-style apartment community recently underwent a significant renovation. Amenities include a swimming pool, clubhouse, fitness center, barbeque areas and ample green space.
Located east of Interstate 95 just south of Glades Road, the property is walking distance to Whole Foods, A-rated Boca Raton High and Middle Schools and less than five minutes from Florida Atlantic University, Boca Town Center and over 10 million square feet of office space.
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