Deutsche Asset & Wealth Management’s (DeAWM) real estate investment business announced that it has acquired Palmetto Promenade in Boca Raton for one of its investment funds.

Palmetto Promenade is a to-be-built Class-A multifamily rental property located on a 5.8 acre site that is within walking distance to the Atlantic Ocean and downtown Boca Raton.

When completed, the property will feature 378 units, a 680 parking space structure, and approximately 11,740 square feet of ground-floor retail space.

“Palmetto Promenade offers investors the potential to own a trophy-caliber property that we are pleased to have been able to include in the portfolio,” said Todd Henderson, Head of Real Estate, Americas, at Deutsche AWM. “The property is expected to be one of the pre-eminent multifamily developments in the state, given its mix of size, location, and planned amenities, offering investors a compelling investment opportunity in an affluent market.”

Source:  Banking Business Review