DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $11.3 million sale of Auburn Trace Apartment Homes, a 152-unit affordable housing community located at 625 Auburn Circle W. in Delray Beach. Built in 1990 on a 20.2-acre parcel, the low income housing tax credit property features one-, two- and three-bedroom residences. Community amenities include a large clubhouse, playground, volleyball court, landscaped courtyards, onsite management offices, a leasing center and a laundry facility. The property also features an onsite daycare and learning center that is leased and operated by a third party. Evan Kristol, Still Hunter III and Brandon Rex of Marcus & Millichap’s Fort Lauderdale office represented the seller and developer, Auburn Trace Ltd., and procured the buyer, a private investment group based in New York. The buyer purchased the asset in a 1031 tax deferred exchange.
Auburn Trace Apartment Homes features a large clubhouse, playground, volleyball court, landscaped courtyards, onsite management offices, a leasing center and a laundry facility.
Marcus & Millichap Arranges $11.3M Sale of Affordable Housing Community in Palm Beach County
197
previous post