COCONUT CREEK, FL-Hillsboro Bay Club Apartments, a 366-unit class A garden-style multifamily asset, sold for $53.1 million. The 12-year-old property is 95% occupied.
Robert Given, executive vice president in the Miami office of CB Richard Ellis’ Institutional Group, along with team member Zachary Sackley, represented the seller, Chicago-based Laramar Group. Seattle-based property investor Kennedy Associates acquired the complex in an all-cash deal. The acquisition marks Kennedy’s entrance into the South Florida market.
“We are seeing a lot of new institutional capital in South Florida as the economic conditions are starting to improve,” Given tells GlobeSt.com. “That’s indicative of what we are going to see through the balance of 2011 and 2012. Kenney Associates is another new name to add to the list of investors in South Florida.””
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