Real estate investment management firm Heitman added a multifamily residential community in Jupiter to its portfolio, according to a deed recorded Friday in Palm Beach County records.
New York-based TGM Associates sold TGM Vintage at Abacoa, the 390-unit community at 803 Promenade Way and 803 University Boulevard for $82 million last week.
The nearly 22-acre site last sold for $71 million in October 2007, according to Palm Beach County property records.
The acquisition comprises 19 two and three-story buildings that total 451,554 of leasable space. Units range from one to three bedrooms. The community includes two swimming pools, a sauna, gym, volleyball court, movie theater and nature preserve. It is 99 percent leased.
Jaret Turkell and Maurice Habif of HFF marketed the property, according to a press release. “This property is exceptionally well-poised for strong performance given its excellent location within the Abacoa master planned community,” Turkell said in a statement.
TGM Vintage at Abacoa is located near the Roger Dean Stadium, Florida Atlantic University, and the Abacoa Town Center.
Chicago-based Heitman has $33.1 billion in assets in North America, Europe and Asia-Pacific, according to its website.