Potential Deal Structure
Buyer would purchase an interest in the current ownership entity treating the sale as a refinance. This could alleviate the assessed value and RE Taxes from being substantially increased. RE Taxes as shown are based on the current. Total needed to purchase is $43M with $38M due on sale and the balance of $5M to be an equity stake for owner with a preferred return of 5% annually, payments payable monthly. Owner will consider other deal structures and discount for all cash. Property appraised for $45M.
Property Description
The Boca Villa Apartments is comprised of 106 units with 53 newly constructed in a 3 story and 5 elevatored buildings. The newly constructed units consist of 27-two bedroom/two bath (1113 square foot), 4 extra-large two bedroom/two bath (1247 to 1392 square foot) and 22-three bedroom/two bath (1383 to 1387 square foot). There are 53 existing units that consist of 40-two bedroom/two bath approximately 1000 square feet each and 13-one bedroom/1.5 baths with approximately 700 square feet each. Included in the new construction is a brand-new pool, clubhouse with fitness center, new landscaping and irrigation with over 350 new plantings. There are 10 new garages to be rented for $500/month each with income listed in indoor parking. Additional outdoor parking is estimated at being rented in the future for $100/each and is listed as Outdoor parking. There is additional income from the on-site coin-op laundry and annual pet fees.
The subject is situated on a 7.23± acre / 314,938± square foot parcel in the R3B zone. The Palm Beach County Appraiser identifies it as APN 06-43-46-32-37-000-0000. 100 W Hidden Valley Boulevard is located in the Boca Raton area in Boca Raton.
Location Description
Nestled in the thriving Boca Raton market, the surrounding area offers an enticing blend of vibrant urban conveniences and serene coastal charm. Boca Raton is renowned for its upscale shopping, dining, and cultural attractions, including the Town Center at Boca Raton, Mizner Park, and the Boca Raton Museum of Art. Pristine beaches, such as South Beach Park and Red Reef Park, beckon with their picturesque shorelines and recreational opportunities. The area’s renowned golf courses, upscale resorts, and dynamic nightlife further enhance its allure. With a sophisticated blend of luxury living and leisure, Boca Raton maintains its status as a coveted destination for residents and visitors alike.
Highlights
Fifty-three newly constructed units comprised of 29 two-bedroom two-bathroom and 24 three-bedroom two-bathroom units.
Ten newly constructed garages built on-site for additional income.
Brand new club house with exercise area for tenants and pool.
Lush landscaping with over 350 new trees and plantings.
Construction to be completed early fall.
Occupancy by late fall for end of year closing.