Riviera Beach, FL — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Woodbine (top left photo), a 408-unit luxury garden apartment community located in northern Palm Beach County.š ARA South Florida-based Principals, Avery Klann (middle right photo) and Richard Donnellan (lower left photo), along with Senior Vice President, Hampton Beebe (lower right photo), represented an institutional seller in the transaction. Canadian-based Morguard North American Residential REITš (MRG on the Toronto Stock Exchange) was selected as the buyer.
“With an average unit size of 1,013 square feet, Woodbine gave the buyer an excellent opportunity to acquire a top performing, fully stabilized, institutional quality asset,” noted Donnellan.
Woodbine is located immediately north of the VA Medical Center (2,205 employees) and only three miles southeast of PGA National Golf Club, one of the most exclusive country clubs in the state.
“The property enjoys a strategic location directly between two of the largest employment centers in Palm Beach County,” said Klann, lead broker on the deal.
“The West Palm Beach office market is 10 minutes to the south and consists of approximately 6.6 million square feet of office space. The North Palm Beach/Palm Beach Gardens office market is fewer than 10 minutes to the north and consists of 4.8 million square feet of office space.”
Woodbine was constructed in 2000 and wasš 95% occupied at the time of sale.
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