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. [Bisnow.com] – Mike Seemuth