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Multifamily investment company Laramar sold the 160-unit Villa Oceana apartment complex yesterday for $51.5 million. New York-based TGM Associates purchased the property with a new loan of over $33 million with Fannie Mae.
The Villa Oceana is located on Ocean Boulevard in Boca Raton, directly against the Atlantic Ocean to the east and the Intracoastal Waterway to the west. The complex totals nearly 214,000 square feet in three six-story buildings built in 1967 and renovated in 2009. It includes units of one, two, and three bedrooms as well as in-unit washers and dryers.
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