The Real Deal Miami

Chicago-based firm picks up multifamily complex for $82M

390-unit community last sold for $71M in 2007

May 18, 2015 12:30PM
By Katherine Kallergis

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TGM Vintage at Abacoa in Jupiter

TGM Vintage at Abacoa in Jupiter

Real estate investment management firm Heitman added a multifamily residential community in Jupiter to its portfolio, according to a deed recorded Friday in Palm Beach County records.

New York-based TGM Associates sold TGM Vintage at Abacoa, the 390-unit community at 803 Promenade Way and 803 University Boulevard for $82 million last week.

The nearly 22-acre site last sold for $71 million in October 2007, according to Palm Beach County property records.

The acquisition comprises 19 two and three-story buildings that total 451,554 of leasable space. Units range from one to three bedrooms. The community includes two swimming pools, a sauna, gym, volleyball court, movie theater and nature preserve. It is 99 percent leased.

Jaret Turkell and Maurice Habif of HFF marketed the property, according to a press release. “This property is exceptionally well-poised for strong performance given its excellent location within the Abacoa master planned community,” Turkell said in a statement.

TGM Vintage at Abacoa is located near the Roger Dean Stadium, Florida Atlantic University, and the Abacoa Town Center.

Chicago-based Heitman has $33.1 billion in assets in North America, Europe and Asia-Pacific, according to its website.

  • Investors are targeting north part of South Florida because of the high price here in Miami area.