A 336-unit luxury apartment community known as San Marco at Broken Sound has traded hands for $80.3 million in Boca Raton.
Chicago-based Capri Capital Partners sold the asset to BC Property Investments in an ARA-brokered sale.
The 1992-built community has been institutionally owned by the same firm for the past 20 years, and was 96 percent occupied at the time of sale.
“Additionally, San Marco is located on the western edge of one of South Florida’s largest office markets, comprised of nearly seven million square feet of Class “A” office space. The location gives San Marco direct access to this deep and diverse job base,” says ARA’s Boca Raton-based principal Hampton Beebe, who worked alongside Avery Klann, Marc deBaptiste and Richard Donneling in closing the deal.
“The Boca Raton submarket is the fastest growing submarket in Palm Beach County and has a current occupancy rate of 95.7%,” adds Beebe. “The Palm Beach County rental market has shown a continued growth in occupancy and has a current occupancy rate of 94.8 percent. Effective rents in the market increased by a year-over-year rate of 4.8 percent as of 1Q 2014.”
Source: Pineapple Newspaper