Cushman & Wakefield’s South Florida Institutional Multifamily Team Represented a Joint Venture of Eastwind Development and Index Apartments in the Disposition
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.”
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.
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Riverwalk Pointe at Mangrove Bay Photo
Calum Weaver Headshot
Robert Given Headshot
Troy Ballard Headshot
Perry Synanidis Headshot
