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St. Andrews at Palm Aire Trades for $21M

POMPANO BEACH, FL-The Scully Co. paid about $99,423 per unit to an institutional client of AEW Capital Management for the 208-unit property here. The luxury units are housed in nine two- or three-story apartment buildings.

By Melissa Bogdany | Updated on December 23, 2003

POMPANO BEACH, FL-The Scully Co. has purchased St. Andrews at Palm Aire apartments here for nearly $20.7 million. The price equates to approximately $99,423 per unit. The seller of the 208-unit property was an institutional client of AEW Capital Management.

The luxury community consists of nine two- or three-story apartment buildings, a 5,880-sf clubhouse/leasing facility, 40 deluxe carports and 11 detached garages. Located at 1000 S.W. 46th Ave., the property is in the exclusive Palm Aire golf course community, and is bordered by Palm-Aire Drive West to the north, Cypress Grove Drive to the east, Florida’s Turnpike to the west, and Cypress Grove Country Club to the south. St. Andrews at Palm Aire was built by the Related Group in 1995.

The Florida office of Apartment Realty Advisors, a national multifamily brokerage and investment advisory company, represented the seller in the transaction. Marc deBaptiste, principal, and Kevin Judd, vice president, led ARA’s marketing team.

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