Mangrove Bay Housing, LLC, a joint venture of Eastwind Development and Index Apartments has sold a 55+ community located in Jupiter, FL. to Pleasant Valley Market Place, LLC for $26.75 million. Located at 1026 South U.S. Highway 1, Riverwalk Pointe at Mangrove Bay was built in 2014 and consists of 104 units within two buildings. Each building features underground parking and share a 3,500 sqf clubhouse that includes a swimming pool as well as a fitness center. Cushman & Wakefield’s South Florida Institutional Multifamily Team represented the sellers during the transaction.
“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. Since the beginning of this year, we have received more 1031 exchange requests than ever before. We currently have five deals contracted with exchange buyers, of which Riverwalk was one.”
