The Real Deal Miami

Age-restricted, Jupiter-area rentals sell for $26.75 million

The 104-unit property for residents 55 and older has a 95% occupancy rate
June 25, 2017 10:00AM

Riverwalk Pointe at Mangrove Bay

An age-restricted apartment property in the Jupiter area with a 95 percent occupancy rate sold for $26.75 million, or $257,211 per unit.

A limited liability company linked to Washington, D.C.-based Gelman Management Co. bought the 104-unit property, called Riverwalk Pointe at Mangrove Bay, which is restricted to residents 55 and older.

Mangrove Bay Housing LLC, a joint venture of Eastwind Development and Index Apartments, sold  the property, located off U.S. Highway 1 just south of Indiantown Road.

Eastwind and Index built Riverwalk Pointe at Mangrove Bay and held a grand opening in 2015.

A four-member team at Cushman & Wakefield brokered the sale: vice chairman Robert Given, vice president Calum Weaver, managing director Zachary Sackley and senior managing director Troy Ballard. [] – Mike Seemuth