TGM Associates, an investment advisory firm based out of New York, just paid $51.5 million for the Villa Oceana apartments in Boca Raton.
Built in 1967 and most recently renovated in 2009, the Villa Oceana is a mid-rise apartment community with 160 rental units at 2519 North Ocean Boulevard.
The four-acre community spans the entire width of Boca Raton’s barrier island, boasting both 100 feet of beach frontage and 100 boat slips on the Intracoastal Waterway.
The deal was announced by listing brokerage ARA Newmark, which represented the Laramar Group for the sale.
Laramar, a national investment and property management company, came to own the Villa Oceana in 2008 when its affiliate paid $30 million for the property, or about $187,500 per unit.
A year later the company completed its renovation of the community’s apartments including new cabinets and fixtures, granite countertops, tile floors as well as new washers and dryers.
As for amenities, Villa Oceana has a community pool, private beach access and boat dockage, a fitness center with its own sauna, plus kayaks and paddleboards for residents’ use.
For this most recent sale, TGM Associates paid $321,875 per unit — an increase in price of nearly 72 percent since 2008. The community was 94 percent leased at the time of its sale.
“Oceanfront communities are extremely rare here and prompt a highly-competitive sales and marketing process,” Beebe wrote in the announcement. “TGM demonstrated to ownership that this property was an excellent fit for one of their institutional equity partners and performed at the highest level throughout the process.” — Sean Stewart-Muniz