Aventura, FL-Based Cardone Capital Acquired the 346-Unit Atlantic Delray Apartments
DELRAY BEACH, Florida, October 2, 2018 – Cushman & Wakefield has arranged the sale and financing of Atlantic Delray Apartments, a 346-unit, garden-style apartment community in Palm Beach County’s Delray Beach.
Vice Chairman Robert Given, Senior Managing Director Troy Ballard, Executive Managing Director Zachary Sackley and Senior Financial Analyst James Quinn, with Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented Atlantic Pacific in the disposition. Atlantic Pacific is national real estate company specializing in acquisitions, development, property management and investments, with offices in Florida, Georgia, Texas and California.
The Seller is a Joint Venture between Atlantic|Pacific Companies and Rockpoint. The buyer is Cardone Capital, an Aventura, Florida-based investment manager that invests in income-producing multifamily properties across the country.
Robert Kaplan, Chris Lentz, and Mark Rutherford of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted the Cardone Capital in securing financing to acquire the Atlantic Delray. The team provided a variety of financing options, and the borrower ultimately selected a long-term fixed rate debt solution provided by a life company lender.
“Few garden apartment sites remain available for development in South Florida, which makes a property like Atlantic Delray an increasingly rare asset,” said Given. “This property is also unique in that it offers an exceptionally low density ratio and more achievable rents in a centrally located area with access to high-paying jobs and a lively social scene.”
Atlantic Delray opened in 2017 and was completed earlier this year. It quickly moved through the lease-up process, with one-, two- and three-bedroom units renting from the $1500s to just under $2,200. Units average 1,048 square feet. The apartment community consists of 13 three-story buildings and two two-story buildings. It is situated on 31 acres, with a density ratio of 11 units per acre, which is considered low in the South Florida multifamily market.
The property is located at 14050 Pacific Point Place, just north of Atlantic Avenue and Military Trail, in the emerging West Delray submarket. The submarket has seen considerable new development in recent years with the addition of several luxury multifamily and single-family projects, as well as several retail centers, such as the nearby Delray Marketplace, a 258,000-square-foot shopping, dining and entertainment destination.
The location is also convenient to numerous major employers in Boca Raton, as well as downtown Delray Beach, considered the heart of Palm Beach County’s social scene. It is also ideally located between the region’s two major highways, Interstate 95 and Florida Turnpike.
Each unit at Atlantic Delray offers market-leading luxury finishes and residents have access to an extensive list of amenities, including a walking/jogging trail, 24-hour fitness center, resort-style pool, business center, theater and tennis courts.
Cushman & Wakefield’s Florida Multifamily Team is directed by Given and includes Ballard, Sackley and Quinn as well as Neal Victor, Calum Weaver and Errol Blumer in South Florida; Luis Elorza and Brad Capas in West Florida; Jay Ballard and Ken Delvillar in Central Florida; and Julie Bohn in Jacksonville. Kaplan, Lentz and Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
About Atlantic | Pacific
Atlantic | Pacific is a fully integrated real estate operating company with office locations in Miami, Boca Raton, Atlanta, and San Diego.
Rockpoint Group, L.L.C. (“Rockpoint”) is a real estate private equity firm and Registered Investment Adviser with its headquarters in Boston and with additional primary offices in San Francisco and Dallas.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida