Cushman & Wakefield’s South Florida Institutional Multifamily Team was Selected to Market the 104-Unit Class A 55+ Community by Developer Eastwind Development
JUPITER, FL, April 5, 2017 — Cushman & Wakefield announced today that is has been named exclusive advisor in the disposition of Riverwalk Pointe at Mangrove Bay, the only Class A, 55+ rental community in Jupiter.
Cushman & Wakefield’s South Florida Institutional Multifamily Team of Executive Managing Director Calum Weaver, Vice Chairman Robert Given, Senior Managing Director Troy Ballard and Senior Financial Analyst Perry Synanidis has been chosen to market the high-quality boutique asset for Palm Beach Gardens, FL-based developer Eastwind Development. The property will go to market unpriced.
Built in 2014 on a 4.67-acre site at 1026 South U.S. Highway 1, Riverwalk Pointe at Mangrove Bay is a Class A rental community with high-end finishes and amenities located one-half mile from Jupiter Beach.
Units feature stainless steel appliances, granite countertops, impact windows, full-size washer and dryer and a patio or balcony. Select units offer intracoastal water views. Riverwalk Pointe at Mangrove Bay offers a mix of one-, two- and three-bedroom units averaging 1,123 square feet. The average monthly rent is $1,973 per unit. The community is currently 95 percent leased and 91 percent occupied.
The property offers two attractive four-story elevator buildings with an additional level of underground structured parking. Amenities include a central clubhouse with a business center and fitness room, swimming pool and landscaped deck area.
Riverwalk Pointe at Mangrove Bay is less than one mile from Jupiter Beach and is bordered on the west by Jupiter’s Riverwalk, a 2.5 mile linear park that extends along the east bank of the Intracoastal Waterway. The property is situated directly on U.S. Highway 1, offering exceptional visibility to more than 20,000 vehicles per day.
“The demographics surrounding Riverwalk Pointe at Mangrove Bay are exceptional,” said Weaver. “The demand for 55+ rental communities is particularly strong in northern Palm Beach County. Palm Beach County is one of only 12 counties in the U.S. with over 250,000 people aged 65 or older.”
“This asset offers the best of both worlds — strong in-place cash flow as a 55+ community and the capacity to sell individual units by converting the property into a condominium,” added Weaver. “With its location on the barrier island, relatively small unit count and large floor plans, the property could be an attractive conversion opportunity in the future.”
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