High Demand Swirls Around Alta Chase Sale

BOYNTON BEACH-Archon Group has purchased Alta Chase, a 216-unit luxury rental community here, from Wood Partners for nearly $24.5 million. The price equates to $113,333 per unit.

Jay H. Massirman, a broker involved in the transaction, says this property–which is located on 14.2 acres at 1575 S.W. 8th St.–drew strong interest from investors, with more than a dozen offers.<p.”There was a tremendous amount of interest in the property,” Massirman, senior vice president of CB Richard Ellis, tells GlobeSt.com. “This property is extremely well-located,” close to Interstate 95, he adds. “It bridges the gap between employment in Downtown West Palm Beach and Boca Raton.”

Other draws to the property, he says, include its “very good” mix of units, high quality and the fact that several properties in town are being converted to condominiums, including Tuscany and Mariners Cove, shrinking the rental market.