(Read more on the multifamily market.)
JUPITER, FL-New York City-based Tarragon Corp. has sold the 390-unit Vintage at Abacoa class AAA multifamily complex at 863 University Blvd. The buyer, which acquired the property free and clear of debt, was not disclosed.
The acquisition price was not disclosed, but according to a CB Richard Ellis report, multifamily properties in Palm Beach County have been selling in 2007 at an average rate of $129,496 per unit. Holliday Fenoglio Fowler director George Vail, executive managing director Manny De Zarraga and director Ike Ojala represented the seller in the transaction.
Completed in 2003, the property is located on 22 acres and has 19 buildings with one-, two- and three-bedroom units averaging 1,158 sf. It is 95% occupied. Community amenities include two pools, concierge services, a clubhouse, fitness center, sports club, volleyball court and car care center. Apartments range from one-bedroom, one-bathroom units that are 605 sf and rent for $1,017 to three-bedroom, two-bathroom units that are 1,382 sf and rent for $1,499.
The property is in close proximity to the new Scripps Research Institute headquarters that is currently under construction. "With the arrival of the new Scripps headquarters, Jupiter is preparing for an emerging population due to the foreseen surge in employment and investment opportunities," Vail says, in a prepared statement. "Rental properties will benefit from this growth, especially since it is 100% more costly to own a condominium in the area than rent."
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