Multifamily investor snags pad in Boca Raton for $6M

Mitchell Robbins, co-founder of Robbins Property Associates, purchased the house

Oct.October 31, 2019 10:30 AM
461 South Maya Palm Drive

461 South Maya Palm Drive

Multifamily investor Robbins Property Associates has been snapping up properties across Palm Beach County.

Now one of its co-founders bought a home in Boca Raton’s Royal Palm Yacht and Country Club for $5.5 million. Mitchell Robbins purchased the 7,997-square-foot house at 461 South Maya Palm Drive for $687 per square foot, records show.

Built in 2016, the home has five bedrooms, five bathrooms and two half-bathrooms.

The property sold at a slight loss from its previous sales price in 2016, when Robert Noble bought the property for $5.82 million.

David W. Roberts of Royal Palm Properties represented the buyer and the seller in the deal, according to Zillow.

Robbins Property Associates was founded in 2009 by brothers Mitchell and Steve Robbins to acquire multifamily communities. The firm merged with North Palm Beach-based Electra America in late 2016.

In June, Robbins Property Associates bought the 192-unit Heron Pointe Apartments at 10010 Boynton Place Circle for $34 million from a company tied to author, speaker, and real estate investor Grant Cardone. In 2018, the company acquired the 216-unit Verona at Boynton Beach at 1575 Southwest Eighth Street for $43 million.

The Royal Palm Yacht and Country Club has seen a number of big sales recently. Richard Templer, the owner of a professional horse racing stable, and his wife Diane Templer last week purchased a waterfront home at 190 Northeast 5th Avenue for $12.2 million.

Earlier this month, Robert Sheetz, the founder of the Sheetz convenience store and gas station chain, sold a waterfront estate at 133 West Coconut Palm Road in the Royal Palm Yacht & Country Club for $11.45 million.

In September, a group of executives tied to a West Palm Beach transportation company bought a 9,203-square-foot house at 300 East Key Palm Road for $12.1 million.

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