Boca East Sold in $35.5M Deal

MIAMI-Spotting a redevelopment niche near Downtown Boca Raton, West Palm Beach, FL-based Ceebraid-Signal Corp. and Englewood, CO-based Ameriton Properties Inc. have purchased the 31-year-old, 252-unit Boca East Apartments at 300 W. Royal Palm Road from Chicago-based Waterton Associates in a deal that will come to $35.5 million after the property is redeveloped.

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.