June 1, 2019
Tampa, FL-based American Landmark Apartments acquired Alister Boca Raton, a 448-unit multifamily community in Boca Raton, FL from a JV between Mill Creek Residential and AIG for $91.5 million. The 96%-occupied property will receive $6.2 million in capital improvements and be renamed Cielo Boca.
American Landmark’s Christine DeFilippis says, “This is a great asset in a thriving multifamily market. High-quality apartment communities like this one are in high demand.”
Located at 10235 Boca Entrada Blvd., Cielo Boca was built between 1986 and 1988 and offers one, two and three-bedroom units. Capital improvements planned throughout the property include glass backsplash, new cabinets, updated lighting and USB ports. Community area upgrades include improved landscaping, parking lot repairs and new pool furniture.
The acquisition boosts American Landmark’s Florida portfolio to 22 properties, with seven properties throughout South Florida.
Connect Apartments is planned June 20th in Los Angeles. You can get more information and register to attend on this link.
For comments, questions or concerns, please contact Dennis Kaiser