850 Boca hits the market, broker predicts it could fetch more than $125M

850 Boca, From left: Jim Carr, Armando Codina (Credit: Cushman & Wakefield, Codina Partners)

The new multifamily project 850 Boca in Boca Raton is hitting the market unpriced, according to a release.

The 370-unit apartment complex is one of the first residential projects to be developed at The Park at Broken Sound, a 700-acre planned mixed-use community at 5100 Broken Sound Boulevard Northwest.

CC Residential, a partnership of Armando Codina and Jim Carr, and New York-based Praedium Group developed the complex.

Cushman & Wakefield’s South Florida multifamily team, Robert Given, Zachary Sackley, Troy Ballard and Neal Victor are marketing the project.

Industry insiders say similar properties have traded for the mid-to-high $300,000’s per unit – meaning the complex is expected to fetch $125 million to $145 million.

850 Boca is currently 69 percent leased, according to the release. The project was completed earlier this year and features a mix of five-story buildings and two-story townhomes.

The development includes 336 apartments that average 1,093 square feet with average rents of $2,170 or $1.99 per square foot, according to the release. The remaining 34 three-bedroom townhomes average 1,736 square feet with an average rent of $3,855 or $2.22 per square foot.

Features include stainless steel appliances, wood flooring, keyless entry and 9-foot ceilings. Community amenities include a clubhouse, fitness center, pool, outdoor cabanas, a pet spa and dog park.

In 2012 the city of Boca Raton approved a change in zoning for the site to allow for the construction of multifamily housing and retail stores in the business park, formally known as the Arvida Park of Commerce. The Park at Broken Sound will include two other apartment developments called Allure and Altis.

from The Real Deal Miami https://therealdeal.com/miami/2017/10/02/850-boca-hits-the-market-broker-predicts-it-could-fetch-more-than-125m/