Viewing posts from: June 2017

South FL Community Trades in $27M Deal

News / 06.20.20170 comments

Cushman & Wakefield has arranged the sale of Riverwalk Pointe at Mangrove Bay, a 55+ community in Jupiter, Fla. Pleasant Valley Market Place LLC acquired the property for $26.8 million.

Mangrove Bay Housing LLC, a joint venture of Eastwind Development and Index Apartments LLC, sold the residential asset in a 1031 exchange deal. Vice Chairman Robert Given, Executive Vice President Calum Weaver, Executive Managing Director Zachary Sackley and Senior Managing Director Troy Ballard led C&W’s South Florida institutional multifamily team that negotiated the transaction.


Located at 1026 S. U.S. Highway 1, Riverwalk Pointe at Mangrove Bay consists of 104 units within two buildings, with one-, two- and three-bedroom units averaging 1,123 square feet. Amenities include a 3,500-square-foot clubhouse between the buildings with a swimming pool and fitness center. The units feature high-end finishes, stainless steel kitchen appliances, washer/dryers, granite countertops and vinyl plank flooring. Completed in 2014, the community is currently stabilized with 95 percent occupancy and an average rent of $1.76 per square foot.

“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, in prepared remarks. “We ultimately went with an out-of-state buyer who was able to move quickly due to 1031 exchange requirements,” he added.

Image courtesy of Cushman & Wakefield

View the original article here