Sun Sentinel Palm Beach Edition
Apartments get face-lift
Improvements for Boca Villa include 55 more units, dog park, parking and a clubhouse.
The Boca Villa Apartments in Boca Raton will be getting a major facelift.
The owner, a partnership of Giles Capital Group and Rosemurgy Properties, plans to renovate the 53-unit property at 100 W. Hidden Valley Blvd.
Giles and Rosemurgy will build an additional 55 units, a dog park, individual parking garages and a clubhouse featuring a café and fitness center.
“It will look and feel like a modern, amenitized luxury apartment community,” said Rick Giles, CEO of Giles Capital.
The city recently approved the plans. Work is expected to begin in the fourth quarter of 2017 and take about six months to complete, Giles said.
The existing units consist of newly renovated oneand two-bedroom apartments starting at $1,400 and $1,600 a month, respectively, he said.
The 55 new units will be two and three bedrooms. Rents have not been set but will be higher, though the complex will remain more affordable than comparable projects in nearby east Boca Raton, Giles said.
Area rents have strongly favored landlords in recent years, but the rental market appears to have peaked, said Marshall Sklar, co-founder of Florida’s Best Realty Services in Boca Raton.
While rent increases continue, some tenants are starting to balk at the higher prices, forcing landlords to keep rent increases smaller and offer enticements such as free rent, Sklar said.