A joint venture of Eastwind Development and Index Apartments has closed on the sale of a residential asset in a 1031 exchange deal. The property was acquired by Pleasant Valley Market Place in a $26.8 million transaction. Located at 1026 S. U.S. Highway 1 in Jupiter, Fla., the 55+ community, Riverwalk Pointe at Mangrove Bay, consists of 104 units within two buildings. Completed in 2014, the community is currently 95 percent occupied with amenities including a 3,500 sqf clubhouse between the buildings along with a swimming pool and fitness center. Cushman & Wakefield worked on behalf of the seller during the sale. “The property received a significant amount of investor interest from a broad cross-section of potential buyers due to its location, vintage and size,” said Executive Vice President Calum Weaver, Cushman & Wakefield. “We ultimately went with an out-of-state buyer who was able to move quickly due to 1031 exchange requirements,” he added.
