Mill Creek Acquires Emerald Bay Club Apartments in West Boca

Garden-Style Community with 448 apartments to be Rebranded Alister Boca Raton

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Jun 07, 2016, 09:03 ET

BOCA RATON, Fla., June 7, 2016 /PRNewswire/ -- Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the acquisition of Emerald Bay Club Apartments, a two-story garden-style community situated in the highly desirable West Boca submarket.

Mill Creek will rebrand the community Alister Boca Raton and complete renovations to better meet the expectations of today's luxury apartment residents. The community, featuring 448 apartment homes, will receive interior updates, landscaping improvements and the addition of several resort-style amenities, including a luxury pool and fully equipped fitness center.

"Palm Beach County is an extremely attractive location with a strong mix of entertainment destinations, employment opportunities and top-of-the-line schools," said Wes Dickerson, senior managing director of acquisitions for Mill Creek Residential. "We believe our upgrades to Alister Boca Raton will transform an already thriving community into one of the best the submarket has to offer."

Situated at 10235 Boca Entrada Boulevard, the community benefits from a prime location within walking distance of Publix Super Market, and just a short drive from Starbucks and Chipotle Mexican Grill. Only 15 minutes from Alister Boca Raton is Boca Town Center, which is home to 220 upscale retailers including Saks Fifth Avenue, Nordstrom, Neiman Marcus and Apple Store. The community is also adjacent to Highway 441, one of South Florida's primary north-south thoroughfares that extends north to Royal Palm Beach and south to North Miami Beach. The Sawgrass Expressway, Florida Turnpike and Interstate-95 also are conveniently accessible.

Boca Raton is one of the state's most bustling employment centers, with more than 100 office buildings and 17 million square feet of office space. With the community's location between Palm Beach and Broward counties, residents have access to several additional employment opportunities, including those in Delray Beach, West Palm Beach and downtown Fort Lauderdale. The School District of Palm Beach is the 11^th largest in the nation and boasts the eighth-highest graduation rate, according to the 2014 School Grades.

Alister Boca Raton consists of 1-, 2- and 3-bedroom apartment homes. As part of the redevelopment, interiors will be updated with stainless-steel appliances, vinyl wood-style flooring, hard-surface countertops, custom cabinetry and updated plumbing and lighting fixtures. Building exteriors will receive a new paint scheme and full-scale landscaping updates will be completed. Additional community amenities include a gaming area, media room and multiple social zones.

Including Alister Boca Raton, Mill Creek has developed and acquired more than 4,700 apartments in the South Florida area.

About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. As of March 31, 2016, the company's portfolio comprises 54 communities representing nearly 15,600 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.