MIAMI—TGM Vintage at Abacoa, a 390-unit multifamily community in Jupiter, FL, has traded hands. TMG sits in the Abacoa master planned community.

HFF marketed the property on behalf of the seller, TGM. HFF managing director Jaret Turkell and associate director Maurice Habif led the charge.

"Vintage at Abacoa represents an outstanding opportunity to capitalize on incredible employment drivers, great schools and strong incomes levels,” Turkell tells GlobeSt.com. “The Jupiter submarket is poised to exhibit strong performance over the long term. Jupiter features strong demographics and a desirable lifestyle with high paying jobs.

The Palm Beach County apartment market remained firmly on an upcycle during the first few months of 2015, according to Marcus & Millichap's latest report. Specifically, the firm reports over 6,600 units absorbed since the economy started to grow again after recession, and several hundred additional move-ins will occur this year as employers expand.

“Investors' demand for multifamily assets remains unfulfilled, and many properties listed for sale often generate multiple bids,” the firm reports. “The average cap rate compressed last year due to several large transactions, and a tighter range across the quality spectrum persists. Lesser quality assets, for example, now trade at first-year returns of around 6%.”

Located at 863 University Boulevard, TGM Vintage at Abacoa is near Roger Dean Stadium, Florida Atlantic University, Abacoa Golf Club, Abacoa Town Center and Abacoa Plaza. The multifamily property was completed in 2003 and is 99% occupied.

The multifamily property has one-, two-, and three-bedroom units. Community amenities include two swimming pools, sauna, 24-hour athletic club, volleyball court, nature preserve with walking path, meditation garden, playground, barbecue area, clubhouse, billiards room, movie theater, and car care center.