Developer sells new townhouse project in Delray Beach for $10.5M

The 31-unit development sold for $389K per townhome

Miami /
Jan.January 07, 2019 02:30 PM

Thomas Speno and 14460 Emerald Place Way, West Delray Beach

The Emerald Place townhomes in Delray Beach just sold for $10.5 million.

Capstone Emerald, managed by Preferred Realty founder Thomas Speno, sold the recently completed 31-unit project at 14460 Emerald Place Way in west Delray Beach for about $389,000 per townhome. The two-story townhouses consist of three bedroom and 2.5 baths, according to the development’s website. They average about 2,000 square feet.

Emerald Place Delray, a Delaware LLC led by Antony Gironta, bought the 3.5-acre property and secured a $7.5 million in seller financing for the acquisition.

Speno has developed a number of industrial properties in South Florida and the Mediterania townhomes in North Lauderdale.

Over the past few years, Delray Beach has seen an influx in population and interest from developers. The city is attractive to millennials, retirees and working professionals due to its walkable downtown.

Earlier this month, a joint venture led by 13th Floor Investments, Key International and CDS International bought the former Office Depot headquarters in Delray Beach for $33 million, with plans to redevelop the property into one of the biggest projects in the city’s history.

The city is also evaluating bidders to try to transform West Atlantic Avenue’s 600 to 800 block into a bustling mixed-use project.


Related Articles

arrow_forward_ios
Jorge, Jon Paul and Nick Pérez (Photos by Studio Scrivo)
Related Group’s condo kings expand their realm
Related Group’s condo kings expand their realm
Cortland CEO Steven DeFrancis and Indigo Station at 67 Southwest 12th Avenue (Cortland, Inigo Station)
Cortland buys Deerfield Beach multifamily complex for $66M
Cortland buys Deerfield Beach multifamily complex for $66M
Lynd CEO A. David Lynd and Lynd Acquisition Group President Constantine Scurtis with Parc Place Apartments at 17600 Northwest Fifth Avenue in Miami Gardens (Parc Place)
Lynd pays $41M for Miami Gardens apartments
Lynd pays $41M for Miami Gardens apartments
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
Hamilton on the Bay
Battle for their apartments: Hamilton on the Bay tenants in Miami’s Edgewater fight Aimco’s lease terminations
Battle for their apartments: Hamilton on the Bay tenants in Miami’s Edgewater fight Aimco’s lease terminations
Ubiica’s Alejandro Salazar and Rodrigo Gana with 1533 Sunset Drive. (Google Maps)
Ubiica, Maven buy Coral Gables office building, parking lot for $9M
Ubiica, Maven buy Coral Gables office building, parking lot for $9M
Koby Assaraf and Dan Deitchman with renderings of the project (Kobi Karp Architecture & Interior Design, iStock)
Newrock, Brickbox score $68M construction loan for Oakland Park multifamily project
Newrock, Brickbox score $68M construction loan for Oakland Park multifamily project
American Land Ventures President Granvil Tracy and Isram Realty founder and chair Shaul Rikman with 630 East Woolbright Road (Google Maps)
American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
arrow_forward_ios

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

Loading...