Mill Creek Residential pays $71M for Boca Raton apartments

Miami /
Jun.June 09, 2016 12:00 PM

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 Articles

arrow_forward_ios
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Terranova founder Stephen Bittel and Cineworld CEO Mooky Greidinger with Shadowood Square (Getty, Google Maps, Terranova, iStock)
Terranova wins suit against Regal Cinemas over $807K in unpaid rent at Boca Raton shopping center
Terranova wins suit against Regal Cinemas over $807K in unpaid rent at Boca Raton shopping center
James and Marta Batmasian with former Boca Raton Mayor Susan Haynie (Investments Unlimited)
Ex-Boca mayor pleads guilty in public corruption case over financial ties to real estate tycoon
Ex-Boca mayor pleads guilty in public corruption case over financial ties to real estate tycoon
1871 Thatch Palm Drive in Boca Raton’s Royal Palm Yacht & Country Club. (Royal Palm Properties)
Homebuilder sells Boca Raton house for $6M
Homebuilder sells Boca Raton house for $6M
300 West Palmetto Park Road in Boca Raton with PGIM Real Estate executive Eric Adler, Harbor Group International CEO Jordan Slone and president T. Richard Litton Jr. (Google Maps)
Harbor Group International buys Boca Raton apartments for $81M
Harbor Group International buys Boca Raton apartments for $81M
Steven H. Rosen and 246 Princess Palm Road, Boca Raton (Royal Palm Yacht & Country Club)
Private equity head buys Boca Raton spec home for nearly $7M
Private equity head buys Boca Raton spec home for nearly $7M
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
(iStock)
South Florida by the numbers: Here comes the money
South Florida by the numbers: Here comes the money
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...