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Luke C. Simpson And Nick A. Simpson Of Grand Peaks Acquire Multifamily Asset For $90.89M In Boca Raton

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SOLD
$90,890,000

Florida

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MultiFamily393,810 SF
Sold 11/06/2024
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Property Image
SOLD

Luke C. Simpson And Nick A. Simpson Of Grand Peaks Acquire Multifamily Asset For $90.89M In Boca Raton

10147 Boca Entrada Boulevard

See Similar Deals
MultiFamily393,810 SF
Sold 11/06/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$230
Total Square Footage:393,810 SF
Transaction Type:Sale

The multifamily property located at 10147-10499 Boca Entrada Boulevard in Boca Raton consists of 448 units and spans across 35.7 acres. The asset has a total square footage of 393,810, and it was sold for $90,890,000, reflecting a price per unit of $202,879 and a price per square foot of $231. The property features amenities such as a clubhouse, pool, and tennis court, and has a history of being sold previously for $91.5 million in 2019.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $90,890,000
  • Buyer: Luke C. Simpson & Nick A. Simpson - Grand Peaks
  • Seller: Joseph G. Lubeck - American Landmark Apartments
  • Lender: U.S. Bank
  • Units: 448
  • Acres: 35.7
  • SF: 393,810
  • PPU: $202,879
  • PPSF: $231

The representatives involved in the transaction include Luke C. Simpson, Joseph G. Lubeck, and Nick A. Simpson. Grand Peaks acquired the property, assuming a mortgage of $62.3 million from U.S. Bank as part of the deal.

Players

U.S. Bank
U.S. Bank
LENDER

Details

SOLD
IMAGE: Nick A. Simpson, Joseph G. Lubeck & Luke C. Simpson DATE: 11/06/2024 ADDRESS: 10147-10499 Boca Entrada Boulevard MARKET: Boca Raton ASSET TYPE: Multifamily ~ ACRES: 35.7 BUYER: Luke C. Simpson & Nick A. Simpson - Grand Peaks (@GrandPeaksProperties) SELLER: Joseph G. Lubeck - American Landmark Apartments (@AmericanLandmarkApartments) LENDER: U.S. Bank SALE PRICE: $90,890,000 UNITS: 448 ~ PPU: $202,879 SF: 393,810 ~ PPSF: $231 NOTE: The Seven at West Boca apartments were sold for $90.89 million, with Grand Peaks assuming a $62.3 million mortgage from U.S. Bank. The 448-unit complex, built in 1988, includes amenities like a clubhouse, pool, and tennis court, and was purchased at $202,879 per unit, slightly less than its 2019 sale price of $91.5 million.

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