Oceanfront Apartment Complex "Villa Oceana" Sells for $51.5 Million

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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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Lakeside Plaza Community Center and Holiday Inn in Boca Raton Sell for $54 Million

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The Lakeside Plaza retail center, along with the adjacent Holiday Inn Express, was purchased by South Carolina-based EDENS on Thursday. Local investment group Ocean Properties sold the Boca Raton properties for $54 million.

Located near the southwest corner of Florida's Turnpike and Glades Road, Lakeside Plaza totals over 52,000 square feet in five buildings. Anchors include "Marshalls" and "HomeGoods".

The Holiday Inn Express Boca Raton consists of 97 units in one 2-story building built in 1973. There is one pool on the property.

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Atlantic Crossing Sells to Edwards Companies for $38.5 Million

Site Plan via developer webiste

Ohio-based Edwards Companies now owns the 8.6 acres in Delray Beach proposed for the long-disputed Atlantic Crossing mixed-use project. CDS International Holdings sold the land yesterday for $38.5 million, and the sale was funded by seller financing and a loan with First Financial Bank.

The proposed mixed-use project will total 343 residential units, 83,000 square feet of Class A office space, and 76,000 square feet of shops & restaurants. It is located at the direct northeast corner of 7th Avenue and Atlantic Avenue, directly west of Veterans Park and the Gulf Stream.

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