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JUPITER, Fla. — Cushman & Wakefield has arranged the $26.8 million sale of Riverwalk Pointe at Mangrove Bay, a 104-unit age-restricted community in Jupiter, located on the coast north of Palm Beach.
Mangrove Bay Housing LLC, a joint venture of Eastwind Development and Index Apartments LLC, sold the asset to Pleasant Valley Market Place, an out-of-state investor using a 1031 exchange.
The two-building community was built in 2014 and features a 95 percent occupancy rate. Rents at the property average $1.76 per square foot.
Cushman & Wakefield’s South Florida Multifamily team of Robert Given, Calum Weaver, Zachary Sackley and Troy Ballard negotiated the transaction.