Wexford and Key International Acquire Boca Raton Development Site for $26M

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Wexford Real Estate Investors and Key International dropped $25.5 million on a 2-acre development site in Boca Raton, Fla., with plans to create a multifamily community, the companies announced Tuesday. 

The joint venture will result in a 12-story, 190-unit luxury residential development, which will include a lobby, large units, and amenities on the fourth and top floors, per the announcement. 

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The 14 SE Fourth Street property will include a pool and rooftop lounge area, as well as landscaped grounds to connect pedestrians with ground-floor retail and green spaces.

The seller was DMBK LLC, an entity tied to real estate law firm Dunay, Miskel and Backman, which purchased the property in 2012 for $1.9 million, records show

Both Wexford and Key International are active in South Florida as well as in Boca Raton, an area that has the demographics and location to make it a “prime market,” Joseph Jacobs, president of Wexford Real Estate, said in a statement. 

In fact, Key International and Wexford are also partners on a second residential development in Boca Raton, since acquiring a 3.22-acre waterfront development site in 2017. The partners plan to deliver Boca Beach Residences, a luxury 32-unit condominium project featuring a marina, at the end of August. 

In addition to its projects with Key International, Wexford owns a 4.1-acre site in Boca Raton, where it plans to develop an eight-story multifamily apartment community, according to the company’s portfolio. 

The two companies’ prior development in the area is evidence of a larger trend of growth and development in Downton Boca Raton, Philip Braunstein, managing principal of Wexford, said in the press release. 

Leah Breakstone can be reached at lbreakstone@commercialobserver.com