September 20, 2019
Colliers International arranged the $4.8 million sale of Bouganvillas Apartments in East Boca Raton. Virgilio Fernandez, Mitash Kripalani, Julian Zuniga and Gerard Yetming of Colliers represented the buyer, a New York-based private equity group in a 1031 exchange. The seller was undisclosed.
Located at 1500-1650 N.W. Fourth Ave., the garden-style apartment community is comprised of 23 two-bedroom, two-bathroom units across three apartment buildings.
“We’re pleased to have been able to identify this ideal match for our buyer, who was looking for a unique property in South Florida, which could be repositioned and that had under-market rates,” said Fernandez. “We continue to see robust demand from out-of-state investors turning to South Florida, and especially high barrier-to-entry markets. This transaction is indicative of the appeal, quality of life and offerings which attracts investors to our market.”
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