(Palm Beach county's office market is also seeing traction. Get all the details.)

Jupiter Isle consists of 46 two-story buildings located around two ponds and a central green at 6705 Mallards Cove just southeast of the Interstate 95/State Highway 706 interchange and less than 30 minutes from West Palm Beach. The multifamily communities are near Jupiter's exclusive golf courses and recreation areas, the newly completed Harbourside Place mixed-use development; Jupiter Medical Center; The Scripps Research Institute and the Max Planck Florida Institute for Neuroscience at Florida Atlantic University.

(This once-overlooked submarket is suddenly on the rise.)

The multifamily property's one- and two-bedroom units average 818 square feet. Features, including large walk-in closets, linen closets, storage space, washers and dryers, and balconies or patios. The multifamily property is 97% occupied.

MIAMI—Mallards cove and Shall Trace, two neighboring multifamily communities in South Florida, have traded hands. The sale price: $56 million.

HFF brokered the sale of the 359 multifamily assets in Jupiter, FL. The HFF investment sales team included senior managing director Matt Mitchell, managing director Jaret Turkell, senior director Maurice Habif, director Zach Nolan and analyst Simon Banke.

HFF marketed the offering on behalf of the seller, Preston Giuliano Capital Partners. Northland Investment Corporation purchased the assets free and clear of existing debt. The buyer has combined the two multifamily properties and rebranded the community as Jupiter Isle.

“We continue to see tremendous interest in value-add opportunities in the Florida markets, where economic indicators are strong and apartment fundamentals are healthy,” Mitchell tells GlobeSt.com. “Jupiter Isle is a classic value play and one of those properties that will always be in high demand. It offers residents the combination of a fantastic location and better affordability compared to newer communities in Jupiter.”

(Palm Beach county's office market is also seeing traction. Get all the details.)

Jupiter Isle consists of 46 two-story buildings located around two ponds and a central green at 6705 Mallards Cove just southeast of the Interstate 95/State Highway 706 interchange and less than 30 minutes from West Palm Beach. The multifamily communities are near Jupiter's exclusive golf courses and recreation areas, the newly completed Harbourside Place mixed-use development; Jupiter Medical Center; The Scripps Research Institute and the Max Planck Florida Institute for Neuroscience at Florida Atlantic University.

(This once-overlooked submarket is suddenly on the rise.)

The multifamily property's one- and two-bedroom units average 818 square feet. Features, including large walk-in closets, linen closets, storage space, washers and dryers, and balconies or patios. The multifamily property is 97% occupied.