PALM BEACH—Miami's multifamily momentum is undeniable, and it's traveling northward. The sale of Midtown Delray, a 116-unit luxury townhome community in Palm Beach County's Delray Beach, is the latest example.

ARA principals, Avery Klann and Hampton Beebe represented the seller, Wood Partners, with assistance from ARA managing partners Marc deBaptiste and Richard Donnellan. Boston-based Intercontinental Real Estate Corporation acquired the asset. Financial terms of the deal were not disclosed.

"Despite the small size of the community with just 116 units, the high quality product and location proved to be a strong draw for institutional, international, private and high net worth buyers,” Klann tells GlobeSt.com. The multifamily asset came to market in 2013 and offers direct access to Linton Boulevard, between Military Trail to the west and Interstate 95 to the east.