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

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.

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