The South Florida Multifamily team of Robert Given, Zachary Sackley, Troy Ballard and Neal Victor were selected to market the asset by the partnership of CC Residential and The Praedium Group. The property will go to market unpriced.
850 Boca was completed earlier this year and features a mix of five-story elevator mid-rise buildings and two-story garage townhome units. The community offers 23 distinct floor plans ranging from one-bedroom residences to spacious three-bedroom townhomes with direct-access garages.
850 Boca comprises 336 mid-rise homes that average 1,093 square feet with average market rents of $2,171 ($1.99 per square foot) and 34 three-bedroom townhomes with two-car garages that average 1,736 square feet with average market rents of $3,857 ($2.22 per square foot). 850 Boca is currently 69 percent leased and 62 percent occupied and is expected to stabilize by January 2018.
850 Boca was developed with the highest commitment to quality and design standards. Market leading finishes include quartz countertops, soft-closing 42-inch cabinets, stainless steel appliances, under-mount lighting, backsplashes, wood plank flooring, keyless entry and nine-foot ceilings. Community amenities include an 11,000-square-foot, two-story clubhouse; 24-hour fitness center; beach-entry pool; outdoor cabanas; a lounge; grill stations; and a pet spa and dog park.
850 Boca is centrally located within The Park at Broken Sound and provides access to over 8 million square feet of office and industrial space, making it one of South Florida’s most dynamic live-and-work environments. Boca Raton is well known for a highly rated education system providing residents access to A-rated public schools.
According to Cushman & Wakefield research, Boca Raton is the largest office market in Palm Beach County and leads South Florida in job growth at 9.3 percent over the last six years. Office Depot has confirmed its commitment to the area with the recent purchase of a 625,000-square-foot headquarters office building, which will house more than 2,000 employees. Other recent highlights include Modernizing Medicine’s plan to double its workforce to almost 1,400 employees by 2022. Two major universities, Florida Atlantic University and Lynn University, both of which are less than 10 minutes from 850 Boca, offer a combined enrollment of nearly 30,000 students.
“It is extremely rare for a large core multifamily asset to become available in Boca Raton,” said Given. “There hasn’t been a property like 850 Boca on the market in this city for 10 years and it may be another decade before we see a comparable listing.”
Added Sackley, “850 Boca’s ideal infill location within Boca Raton’s Park at Broken Sound will ensure strong future performance. The property boasts iconic, contemporary architecture, excellent accessibility and strong schools. This, coupled with expansive apartment homes and gorgeous interior design, makes 850 Boca a landmark investment opportunity.”
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