Call us today at:(954) 320 - 6031

Bulk Condominium Sale – 110 Units

Bermuda Cay on the Intracoastal

Waterfront, Bulk Condominium Sale | 110 Units
Boynton Beach, Palm Beach County, Florida

CapasGroup Realty Advisors announces the sale of Bermuda Cay, a 110-unit, waterfront condominium community in coastal Palm Beach County, Florida.

INVESTMENT HIGHLIGHTS

  • Dramatic water views
  • Excellent drive-by visibility
  • Strong rent and occupancy performance
  • Majority ownership; Control of HOA
  • Upgraded units available
  • Covered parking
  • Gated access

TRANSACTION SUMMARY

CapasGroup, as exclusive agent, represented an offshore seller in the marketing and disposition of 110 units within the 160-unit, Bermuda Cay condominium development at 661 E. Woolbright Road, Boynton Beach, FL.  Constructed in 1975, the mid-rise property was extensively renovated in 2005.  The scope of renovations included, among other things, installation of impact resistant windows, building exterior upgrades, landscaping improvements, upgrading of all amenities and interior renovations to approximately one-half of the units.

The community consists of six, five-story buildings.  The units sold averaged approximately 1,077 sf and consisted of 10% one-bedroom and 90% two-bedroom floor plans.  The property had consistently maintained occupancy in excess of 95% and was estimated to have been approximately 95% occupied at the time of sale.

The marketing process targeted a comprehensive, international audience of multifamily investors and generated a large number of offers from qualified prospective buyers.  The successful bidder in private investment entity with considerable multifamily holdings in Florida.

Click to Download Transaction Summary 

Marketing Contact