At that price, the per-unit cost is $140,873. After redevelopment, the per-unit cost will be $145,492, still below replacement cost for a class A, near Downtown multifamily product, area brokers tell GlobeSt.com. After redevelopment, Boca East's size will drop to 244 units averaging 1,253 sf per unit.

"This is a great example of the repositioning opportunities that exist today in high-growth areas throughout Florida," Marc deBaptiste, co-founder/managing director, Atlantic Realty Properties, Boca Raton, says in a prepared statement. Atlantic Realty put the deal together.

The broker says the new owners are optimistic in getting a fair, long-term return on their investment because Boca East is positioned near other high-rent, high-quality product and is "ideally located near the emerging Downtown core of Boca Raton," one of the most affluent communities in South Florida.