Monday, September 27, 2010

ARA Reports Sale of Waterfront Peninsula on the Intracoastal in Boynton Beach, FL

Boynton Beach, FL (September 27, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced that ARA’s Florida Division facilitated the sale of the substantially-completed Peninsula on the Intracoastal (bottom right photo)  multifamily community located in Boynton Beach, Florida. 

 The non-fractured, direct Intracoastal Waterway community is comprised of 50 residential units and 20 townhome sites.

The transaction was arranged by ARA Florida’s Boca Raton-based team of Hampton Beebe (top right photo), Avery Klann (middle left photo) and Marc deBaptiste (lower right photo). 

The asset was purchased by Boca Raton-based Altman Development for $8,300,000.

Peninsula on the Intracoastal, located at 2649 North Federal Highway in Boynton Beach, features a luxury, five-story mid-rise residential building containing 40 spacious units with a spectacular water view on three sides.

The Property also includes 10 nearly complete two-story coach homes, all with three bedrooms and two-car direct-access garages. The large space between the mid-rise building and the coach homes have infrastructure in place, substantial portions of which have been completed, to build 20 additional townhomes. 

“The unique waterfront location was a draw for investors,” said Senior Vice President Hampton Beebe, of ARA’s Boca Raton office, who brokered the deal. “ARA completed an unprecedented 85 property tours during the marketing.”

Units in the mid-rise building feature floor-to-ceiling tinted hurricane-impact glass sliding doors in living rooms, oversized sunset terraces with aluminum railings, double-door entries leading to spacious entry foyers, 8’8” textured ceilings in living areas, European kitchen/bathroom cabinets, granite kitchen/bathroom countertops and whirlpool tubs.

The building also features a pool and spa overlooking the Intracoastal and covered parking on the first floor, as well as a potential clubroom that can be finished with fitness equipment, multimedia amenities and lounge area.

“Peninsula on the Intracoastal offers an irreplaceable site and unsurpassed Intracoastal Waterway views,” noted Beebe. “The purchaser was able to acquire this non-fractured, waterfront multifamily community for substantially less than replacement cost.”

“Altman Development’s vertically-integrated platform and experience in the Boynton Beach market made them an ideal candidate for Peninsula on the Intracoastal,” added Boca Raton-based principal Avery Klann.

Local Contact:                                                National Contacts:
Marti Zenor                                                    Amy Holland or Lisa Robinson
Apartment Realty Advisors                          Apartment Realty Advisors
(561) 988-8800 ext. 112                                 (404) 495-7300                                                        

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