Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Fall Ridge at Delray, a 60-unit apartment community located in Delray Beach. The final sale price was $13.55 million or $225,833 per unit.
Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the seller, B and H Delray LLC, in the transaction. Grand Capital Group LLC acquired the property.
Built in 1980 the property sits on 4.86 acres. The property is a rare villa-style community totaling 10 triplex and 5 eight-plex units. All units are spacious two bedrooms-two bathrooms averaging 855-square feet. All units have washer/dryer hookups.
“Last year there were over $11 billion in multifamily sales in South Florida, which is more than double the previous highest sale activity in the region. We expect 2022 will be very similar to this year with continued strong sale activity fueled by positive market fundamentals,” said Weaver, Executive Managing Director at Cushman & Wakefield.