The Real Deal Miami

NRP offloads new Jupiter apartments for $65M

Firm also sold Coconut Creek community for nearly $90M in April

December 28, 2015 11:15AM
By Sean Stewart-Muniz

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The newly built Allure at Abacoa apartment community

The newly built Allure at Abacoa apartment community

Ohio-based NRP Group just sold its newly built apartment community in Jupiter for $65 million.

The 304-unit complex is called Allure at Abacoa, located at 1456 and 1526 Cades Bay Avenue, next door to the Roger Dean baseball stadium.

It was purchased for $213,815 per unit by Klingbeil Capital Management, another Ohio company that specializes in acquiring rental properties. The investment firm financed about two-thirds of its purchase with a $42.25 million loan from PNC Bank, according to Palm Beach County property records.

NRP started construction on the 13-building complex in 2013 after paying $7.75 million for the five-acre site. A notice of completion was filed Wednesday — the same day the sale to Klingbeil went through.

This is the second big-ticket apartment community NRP has sold in recent months. The firm and its co-developer ZOM sold Casa Apava, a 350-unit complex in Coconut Creek, for nearly $90 million in April.

Discounting these two recent sales, ZOM and NRP still have ownership of two South Florida rental communities as part of their joint-venture partnership: Sorrento at Miramar, with 320 units, and Monterra Apartments in Cooper City, with 300 units.