Developer sheds South Florida apartments

A New York City-based home builder/developer recently sold a large apartment community in Jupiter, Fla., for an undisclosed price.

Tarragon Corp. unloaded the property on an unidentified buyer, who purchased it free and clear of debt.

The property, Floresta, is a 311-unit, class AAA property that was completed in 2004. Located at 400 Via Royale, the 33-acre site features one-, two-, three- and four-bedroom units averaging 1,358 square feet, along with a 4-acre lake and nature trails. Other amenities include a clubhouse, fitness center, outdoor swimming pool, massage room, tennis court and multipurpose court.

At the time of sale, the property was 95 percent occupied.

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