Key International, in collaboration with Miami-based Integra Investments and West Palm Beach-based Wexford Real Estate Investors, joined forces to develop a 32-unit condominium at 725 South Ocean Boulevard, spanning four stories. The project obtained its certificate of occupancy in September, with closings commencing in recent weeks.
Key International, the Miami-based entity owned by the Ardid family, acquired the 3.2-acre development site from Blackstone Group in 2017 for $17.3 million. Sales for the project commenced in 2019, and a construction loan of $42.6 million was secured in 2020 from Bank OZK. The building is directly opposite the Boca Raton Resort & Club, which Blackstone sold to billionaire Michael Dell’s MSD Partners for $461.6 million in 2019.
According to Key International Co-President Inigo Ardid, the Boca Raton market has experienced a significant shift since the project’s inception. He stated, “Pricing would be 50 percent higher if we were doing this today. It’s pretty, pretty incredible.”
Ardid highlighted that the costs associated with both financing and land have posed challenges in the current market. Nevertheless, he emphasized, “There’s such limited inventory, especially in certain areas, that the market remains strong.”
He also noted that building during the pandemic taught valuable lessons. “You have to buy out everything, pre-order everything as soon as possible, and have somebody fully tracking everything that has a lead time on it,” he said while expressing confidence that the worst of the supply chain challenges are now behind.
Boca Beach Residences boasts an 18-slip marina, a pool, spa, and fitness facilities. Units range from 3,400 to 5,000 square feet, offering floor plans ranging from one to four bedrooms. Miami-based Sieger Suarez Architects handled the building’s design, with landscape design led by Raymond Jungles.
Among the notable buyers are:
- Richard Chaifetz, CEO & Chairman of ComPsych Corporation; Chairman of Chaifetz Group, and his wife Jill Chaifetz, who purchased unit 108 for $4.8 million.
- Brett Yormark, Commissioner of Big 12 Conference, and his wife Elaina Scotto, who bought unit PH-8 for $3.6 million.
- Dr. Miguel Octavio, physicist, and his wife Dr. Kathleen Octavio, who acquired unit 102 for $5 million.
- Eric Henschel, partner at Wolverine Trading, and his wife Laurie Henschel, who purchased unit 305 for $4.7 million.
- Robert Bellick, partner at Wolverine Trading, and his wife Sheryl Bellick, who invested $6 million in unit PH-4 at Boca Beach Residences.
