Apartment Realty Advisors, a national multifamily brokerage and investment advisory firm, has brokered the sale of two Florida apartment complexes with a combined 596 units.
One of the properties— the Estates at Wellington Green — sold for $63.1 million, or $157,813 per unit. The Estate at Wellington Green is located in western Palm Beach Count. It consists of 27 apartment buildings with 400 units.
"The Estates at Wellington Green offer tremendous floor plans, amenities and overall upscale quality," says ARA principal Marc deBaptiste, agent for seller Bainbridge Welling Green LP. The buyer was AEW Capital Management.
The sale price on the other property — Bonita Springs’ Colonnades at Spring Creek — was confidential, according to ARA. That property consists of nine apartment buildings with 196 luxury, Class A units. ARA represented the seller — Cronacher Corp. — in the transaction. The buyer was CAPREIT.
"Like many other secondary markets throughout Florida, the Naples/Bonita Springs market is experiencing strong condominium sales activity. High quality rentals are being sought for conversion, which are providing an affordable price point in the market," says deBaptiste.
The Colonnades at Spring Creek is located off of U.S 41 and I-75, with access to metro areas such as Naples and Fort Myers.