Wexford Real Estate Investors and Key International have jointly invested $25.5 million in a 2-acre development site located in Boca Raton, Florida. They intend to create a luxurious multifamily community, comprising a 12-story residential building with 190 units. As stated in their announcement, the development will boast a stylish lobby, spacious units, and top-notch amenities on the fourth and top floors.
The property, situated at 14 SE Fourth Street, will feature a pool and rooftop lounge area, along with well-landscaped grounds to provide easy access to ground-floor retail and green spaces, enhancing the overall living experience.
The seller of the property was DMBK LLC, an entity connected to the real estate law firm Dunay, Miskel, and Backman, who acquired the land in 2012 for $1.9 million, according to records.
Wexford and Key International are both actively involved in South Florida and are especially interested in Boca Raton due to its favorable demographics and location, making it a highly promising market, as stated by Joseph Jacobs, the president of Wexford Real Estate.
Interestingly, this is not the first joint venture between Key International and Wexford in Boca Raton. They are already partners on another residential development, the Boca Beach Residences, a luxury 32-unit condominium project featuring a marina, scheduled for completion at the end of August.
In addition to their ongoing projects with Key International, Wexford owns a 4.1-acre site in Boca Raton, where they plan to build an eight-story multifamily apartment community, as mentioned in the company's portfolio.
The growth and development in Downtown Boca Raton, as seen through the ventures of these two companies, reflect a larger trend in the area, as expressed by Philip Braunstein, the managing principal of Wexford, in their press release.
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