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| Riverwalk Pointe at Mangrove Bay Apartments, Jupiter, FL |
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| Robert Given |
JUPITER, FL, June 7, 2017
— Cushman & Wakefield’s South Florida Multifamily team of Vice Chairman Robert Given, Executive Vice President Calum Weaver, Executive Managing
Director Zachary Sackley and Senior
Managing Director Troy Ballard has
successfully arranged the sale of Riverwalk
Pointe at Mangrove Bay, a 55+ community located at 1026 South U.S. Highway
1 in Jupiter, FL.
Mangrove Bay Housing, LLC,
a joint venture of Eastwind Development and Index Apartments, LLC, sold the
residential asset to Pleasant Valley Market Place, LLC for $26.75 million.
“The property received a
significant amount of investor interest from a broad cross section of potential
buyers due to its location, vintage and size,” said Weaver. “We ultimately went
with an out-of-state buyer who was able to move quickly due to 1031 exchange
requirements.”
“Since the beginning of
this year, we have received more 1031 exchange requests than ever before,”
added Weaver. "We currently have five deals contracted with exchange
buyers, of which Riverwalk was one.”
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| Calum Weaver |
The property, built in
2014 and located on U.S. Highway 1 just south of Indiantown Road, is currently
stabilized with 95 percent occupancy and an average market rent of $1.76 per
square foot.
Riverwalk Pointe at
Mangrove Bay consists of 104 units within two buildings. Each building features
underground parking and storage area. There is a 3,500-square-foot clubhouse
between the buildings that includes a swimming pool as well as a fitness
center.
The unit mix includes one-, two- and
three-bedroom units averaging 1,123 square feet. The units feature high-end
finishes and appliances including washer/dryers, stainless steel kitchen
appliances, granite countertops and vinyl plank flooring.
Cushman & Wakefield is
a leading global real estate services firm that helps clients transform the way
people work, shop, and live. Our 43,000 employees in more than 60 countries
help investors and occupiers optimize the value of their real estate by
combining our global perspective and deep local knowledge with an impressive platform
of real estate solutions.
Cushman & Wakefield is
among the largest commercial real estate services firms with revenue of $5
billion across core services of agency leasing, asset services, capital
markets, facility services (C&W Services), global occupier services,
investment & asset management (DTZ Investors), project & development
services, tenant representation, and valuation & advisory.
To learn more, visit www.cushmanwakefield.com
or follow @CushWake on Twitter.
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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