Mill Creek Residential pays $71M for Boca Raton apartments

26-acre community last sold in 2000 for about $28M

Jun.June 09, 2016 12:00 PM

Alister Boca Raton

Mill Creek Residential paid $70.8 million for a garden-style community in Boca Raton.

Records show an affiliate of Fairfield Residential sold the Emerald Bay Club Apartments, a 448-unit complex at 10235 Boca Entrada Boulevard. Mill Creek renamed the property Alister Boca Raton and will renovate the complex’s interiors, landscaping, and will add the resort-style amenities, according to a press release.

South Florida’s multifamily market was hot last year, with more than $1.2 billion worth of properties trading hands between developers and investors.

The 26-acre community last sold in 2000 for about $28 million. It was built in 1981 and includes one-, two- and three-bedroom apartments. Mill Creek will install stainless steel appliances, vinyl wood-style floors, new countertops, cabinets and updated plumbing and lighting. Existing amenities include a pool, gaming area and media room.

Rents start at $1,170 a month, according to Alister’s website.

“Palm Beach County is an extremely attractive location with a strong mix of entertainment destinations, employment opportunities and top-of-the-line schools,” Wes Dickerson, senior managing director of acquisitions for Mill Creek Residential, said in the release.

Mill Creek has developed and acquired more than 4,700 apartments in South Florida. The company is working on two new Plantation projects, including one on the site of a Holiday Inn hotel and a conference center.

Fairfield is also active in South Florida. The multifamily developer and investor is active in 42 markets across the country, including Miami, Palm Beach and Fort Lauderdale.

Related Article

Michael and Michelle Hagerty, and their home in Royal Palm Yacht & Country Club (Credit: Keeping the Promise, Realtor)

Vodka heir pays $6M straight up for Boca Raton estate

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

James Batmasian and Trail Plaza in Deerfield Beach (Credit: Google Maps)

James Batmasian nabs retail center in Deerfield Beach for $17M

300 East Key Palm Road

Transportation execs pay $12M for waterfront Boca Raton estate

James Batmasian and 22973-23071 State Road 7

James Batmasian buys Publix-anchored Boca Raton shopping center

Stephen Ross steps down from NFL committee post-fundraiser backlash, drama at Regalia: Daily digest

Feds want to seize Miami real estate tied to $5M gambling scheme, Elliman’s Q2 revenue jumps: Daily digest

Richard Branson (Credit: Getty Images and iStock)

Here’s where Virgin Trains is proposing a mixed-use station in Boca Raton