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| Still Hunter III |
BOCA RATON, FL – Institutional Property Advisors (IPA), a
brokerage division of Marcus & Millichap serving the needs of institutional
and major private investors, has arranged the sale of Mizner Court at Broken
Sound, a 450-unit luxury multifamily community in Boca Raton, Fla. The
$74,745,000 sales price equates to $166,000 per unit.
IPA
senior director Still Hunter III represented the seller, CLP Mizner
Court LLC. The buyer is Mizner Court Holdings LLC.
“Mizner
Court at Broken Sound is a rare asset of significant size with strong value-add
potential in one of South Florida’s most desirable and affluent communities,”
says Hunter.
“Proximity to A-rated schools and employment centers, limited
rental competition in the area and the potential for revenue enhancement
through strategic renovations place this property in an excellent position for
future growth.”
The
apartment community is located at 6503 North Military Trail in Boca Raton.
North Military Trail is one of the busiest north/south thoroughfares in Palm
Beach County, with average traffic counts of nearly 35,000 vehicles per day.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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