CBRE SELECTED TO MARKET LAKEFRONT BOYNTON BEACH
APARTMENT COMMUNITY
La Costa represents a significant value-add opportunity at the epicenter of Boynton Beach
Fort Lauderdale, FL – October 1, 2014 – The CBRE Capital Markets and Institutional Multifamily Group has been engaged as exclusive marketing advisor for the La Costa lakefront apartment community in Boynton Beach, FL. The 24.2-acre property at 4101 Mahogany Drive hosts 328 garden-style units across 15 two- and three-story buildings.
“The ability to acquire such an asset at a substantial discount to current replacement costs is rare. Returns already realized from the property’s in-unit renovation program also suggest a strong potential for increased income and an opportunity to capitalize on the investment long-term.” said Vice Chairman Robert Given of CBRE Investment Sales.
Current ownership has upgraded 21 units with amenities that include stainless steel appliances, new carpet, refinished cabinetry with frosted glass and brushed nickel pulls, and new lighting and plumbing fixtures. In addition to the private balconies and patios that are standard in all units, select units also include walk-in closets, vaulted ceilings, and full-size washers and dryers.
Community features include two resort-style pools, a lakeside jogging trail, fitness center, cyber-café and coffee bar, outdoor lounging area with WiFi access, a fishing dock, and two lighted tennis courts.
At the corner of Gateway Boulevard and North Congress Avenue, La Costa is less than one mile from Quantum Corporate Park, Boynton Beach’s largest employment center. It is also within a mile of the Boynton Beach Mall and surrounding retail and entertainment destinations. La Costa’s corner location also provides visibility by a combined count of 74,000 vehicles each day.
Collaborating with CBRE’s Given, the property will be represented by Zachary Sackley, Gerard Yetming, and Mary Kate Swann of CBRE Investment Sales, together with Charles Foschini and Christopher Apone of CBRE Debt & Structured Finance.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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