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| Robert Given |
JUPITER, FL — Cushman & Wakefield announced today
that is has been named exclusive advisor in the disposition of Riverwalk Pointe at Mangrove Bay, the only
Class A, 55+ rental community in Jupiter.
Cushman
& Wakefield’s South Florida Institutional Multifamily Team of
Executive Managing Director Calum Weaver, Vice Chairman Robert Given, Senior Managing Director Troy Ballard and Senior Financial Analyst Perry Synanidis has been chosen to market
the high-quality boutique asset for Palm Beach Gardens, FL-based developer Eastwind Development. The property will go to
market unpriced.
Built
in 2014 on a 4.67-acre site at 1026 South
U.S. Highway 1, Riverwalk Pointe at Mangrove Bay is a Class A rental
community with high-end finishes and amenities located one-half mile from
Jupiter Beach.
Units
feature stainless steel appliances, granite countertops, impact windows,
full-size washer and dryer and a patio or balcony. Select units offer
intracoastal water views. Riverwalk Pointe at Mangrove Bay offers a mix of
one-, two- and three-bedroom units averaging 1,123 square feet. The average
monthly rent is $1,973 per unit. The community is currently 95 percent leased
and 91 percent occupied.
The
property offers two attractive four-story elevator buildings with an additional
level of underground structured parking. Amenities include a central clubhouse
with a business center and fitness room, swimming pool and landscaped deck
area.
 |
| Troy Ballard |
Riverwalk
Pointe at Mangrove Bay is less than one mile from Jupiter Beach and is bordered
on the west by Jupiter’s Riverwalk, a 2.5 mile linear park that extends
along the east bank of the Intracoastal Waterway. The property is situated
directly on U.S. Highway 1, offering exceptional visibility to more than 20,000
vehicles per day.
“The
demographics surrounding Riverwalk Pointe at Mangrove Bay are exceptional,”
said Weaver. “The demand for 55+ rental communities is particularly strong in
northern Palm Beach County. Palm Beach County is one of only 12 counties in the
U.S. with over 250,000 people aged 65 or older.”
“This
asset offers the best of both worlds — strong in-place cash flow as a 55+
community and the capacity to sell individual units by converting the property
into a condominium,” added Weaver.
“With its location on the barrier island,
relatively small unit count and large floor plans, the property could be an
attractive conversion opportunity in the future.”
For a complete copy of the company’s news release,
please contact:
David A. Meyer
Owner
Meyer Media
+ 1 407 489 7488
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