BOCA VILLA APARTMENTS · 2012. 7. 10. · Boca Villa Apartments is located in the renowned City of Boca Raton Florida. The property is located in East Boca Raton, east of I-95, north

BOCA VILLA APARTMENTS 100 W. HIDDEN VALLEY BLVD.

BOCA RATON, FL 33487

OFFERING MEMORANDUM

TABLE OF CONTENTS

CALL FOR OFFERS

$5,750,000 $5,300,000

PREPARED BY: Fred DeFalco President DeFalco Real Estate Group Public Pricing® LLC 1601 NW 13th Street Boca Raton, FL 33486 Office: 561-391-4141 Extension 216 Mobile: 561-702-3757 Fax: 561-391-3911 [email protected] www.defalco.com www.publicpricing.com

Manny Gutierrez CEO DeFalco Real Estate Group Public Pricing® LLC 1601 NW 13th Street Boca Raton, FL 33486 Office: 561-391-4141 Extension 207 Mobile: 561-352-9406 Fax: 561-391-3911 [email protected] www.defalco.com www.publicpricing.com Terri Samuels Executive Assistant DeFalco Real Estate Group Public Pricing® LLC 1601 NW 13th Street Boca Raton, FL 33486 Office: 561-391-4141 Extension 310 Mobile: 561-271-5656 Fax: 561-391-3911 [email protected] www.defalco.com www.publicpricing.com

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DISCLOSURE AND CONFIDENTIALITY 3

SECTION I - PROPERTY DESCRIPTION 4

Investment Overview 5

Area Overview 6

Area Highlights 7

School System 8

Employment Presence 9

Property Summary 10

Area Maps 11

Aerial Photos 12

Property Photos 14

Floor Plans 19

Amenities 21

SECTION II - RECENT SALES 22

Recent Sales Map 23

Price / SF & Price / Unit 24

Comparables 25

SECTION III - RENT COMPARABLES 27

Rent Comparables Map 28

Average Occupancy & Average Rents 29

Rent Comparables 31

SECTION IV - FINANCIAL ANALYSIS 34

Unit Mix & Unit Rent SF 35

Actual 6 Year Income / Expese 36

Rent Roll 38

SECTION V - DEMOGRAPHICS 39

Demographic Report 40

Summary Report 41

Demographic Map 42

Traffic Count 45

DISCLOSURE AND CONFIDENTIALITY

STATEMENT: The information and material contained in this package (“Offering Memorandum”) has been prepared to provide a summary of information to all prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, claim to represent all material and information regarding the subject property, and it is not a substitute for a thorough due diligence investigation that all purchasers should conduct and satisfy themselves. DeFalco Real Estate Group, Public Pricing® and Seller have not made any investigation of the property, operating history, financial reports, leases, tenants, square footage, or any other aspect of the property, including but not limited to age of property, environmental problems that may exist and make no warranty or representation whatsoever concerning any of these issues. The accuracy of information and material contained in this package has been obtained from sources believe to be reliable; however, DeFalco Real Estate Group, Public Pricing® and Seller make no warranty or representation whatsoever regarding the accuracy or completeness of the information and material provided. Any and all financials, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance and stability of the property. DeFalco Real Estate Group, Public Pricing® and Seller strongly urge and recommend that prospective purchasers conduct an in-depth investigation and rely on their own due diligence of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership. All parties are advised that in any property, the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. DeFalco Real Estate Group, Public Pricing® and Seller recommends, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional. The Seller retains the sole right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a purchase and sale agreement containing terms and conditions acceptable to Seller and such obligations of Seller shall be those in the contract of sale. Information and material contained in this document is strictly confidential and furnished for the sole purpose of considering an investment in the property described herein. Information and material contained herein is not to be copied and (or) used for any purpose or made available to any other person without the express written approval from DeFalco Real Estate Group and (or) Public Pricing® LLC. By accepting this “Offering Memorandum”, the recipient agrees to keep all information and material contained herein confidential.

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PROPERTY DESCRIPTION

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INVESTMENT OVERVIEW

This exclusive listing offers the opportunity to purchase a stabilized, multifamily asset. Boca Villa Apartments is located in the renowned City of Boca Raton Florida. The property is located in East Boca Raton, east of I-95, north of Yamato Road, west of Dixie Highway, on 100 W. Hidden Valley Blvd. The property consist of 5 apartment buildings and 1 management/leasing office with a pool and conservation area. Under original ownership, the apartment complex was built in 1988 using concrete block and reinforced concrete construction, the exterior is painted stucco. The apartment complex sits on 7.23 acres in a well desired location. There are a total of 53 apartments with 3 different floor plans that include 5 villa one bedroom - one and a half bath units, 8 one bedroom - one and a half bath units, and 40 two bedroom – two bath units. As units turn, management update units with new flooring, resurfaced counter tops, closet doors, resurfaced tubs, efficient toilets, fresh paint, and carpet in order to modernize the apartment community. Tenants are responsible for paying electric, water, phone, cable and internet. There is one laundry room that services the entire community. The laundry machines are managed and maintained by Boca Villa Apartments and provides an additional steady stream of income. Situated in East Boca Raton, Boca Sol is conveniently located to FAU and major employers. Please call to set appointment, our set scheduled Property Previews are: • Tuesday 1pm to 4pm • Thursday 1pm to 4pm

This property is being offered at the published price of $5,750,000.00

5 PROPERTY DESCRIPTION

AREA OVERVIEW

Boca Raton is a city in Palm Beach County, Florida, USA, incorporated in May 1925. According to the United States Census Bureau, the city has a total area of 29.1 square miles. 27.2 square miles of this is land and 1.9 square miles of it is water. Boca Raton is a ‘principal city’ (as defined by the Census Bureau) of the South Florida metropolitan area. In the 2000 census, the city had a total population of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address of Boca Raton, about 200,000 in total, are not actually within Boca Raton’s municipal boundaries. It is estimated that on any given day, there are roughly 350,000 people in the city itself. In terms of both population and land area, Boca Raton is the largest city between West Palm Beach and Pompano Beach, Broward County. The literal translation of “Boca Raton” is “Mouth of The Mouse” (“mouse” in Spanish is “ratón”), the Spanish word boca meaning inlet and ratón being a Spanish nautical term describing rocks that gnawed at a ship’s cable. Another explanation is that it refers metaphorically to a pirate’s cove. The name Boca Ratones originally appeared on eighteenth century maps associated with an inlet in the Biscayne Bay area of Miami. By the beginning of the nineteenth century, the term was mistakenly moved north to its current location on most maps and applied to the inland waterway from the closed inlet north for 8.5 miles, which was called the “Boca Ratones Lagoon”.


AREA HIGHLIGHTS

Mizner Park which was completed in 1991, is a downtown outdoor shopping and dining center, was built over the site of the old Boca Raton Mall. It has since become a cultural center for the southern Palm Beach County. Featuring a landscaped central park between the two main roads (collectively called Plaza Real) with stores only on the outside of the roads, Mizner Park resembles a Mediterranean suburban “town center” with a more contemporary look. Boca Raton Museum of Art - As “The Official Fine Arts Museum for the City of Boca Raton.” the Museum plays a key role in enhancing the cultural, educational, and economic vitality of Boca Raton and its surrounding communities, and has maintained the reputation of being one of South Florida’s leading cultural institutions, attracting more than 200,000 visitors annually to its galleries and programs. Town Center at Boca Raton is an upscale super-regional shopping center. It is the largest enclosed and conventional shopping mall within Palm Beach County, and second largest by square feet in South Florida, behind the Aventura Mall. Cinemark Theaters Palace 20 - Previously Muvico Theaters who sold its Boca Location to Cinemark in March of 2009, is one of the most luxurious movie theaters in America and one of Boca Raton’s most popular entertainment destinations. Gumbo Limbo Nature Center, founded in 1984, is a unique cooperative project of the City of Boca Raton, Greater Boca Raton Beach and Park District, The Palm Beach County School District, Florida Atlantic University (FAU), and Gumbo Limbo Nature Center, Inc. Each year, more than 100,000 local and tourist visitors receive valuable environmental education while enjoying respite from the city bustle.


SCHOOL SYSTEM

City of Boca Raton Public Library - located at 200 NW Boca Raton Blvd, Boca Raton is less than 10 minutes from the Subject Property. Education - 12 Elementary Schools, 5 Middle Schools, 4 High Schools, 17 Private Schools and 5 Universities. The schools for this community are Calusa Elementary, Omni Middle, and Spanish River Community High. Universities:

• Florida Atlantic University founded in 1961, held its first classes in Boca Raton in 1964. FAU is a member of the State University System of Florida and is the largest university in Boca Raton. It has over 26,000 students, 3,000 of which are residential students, and a Division I athletics program. FAU is located at 777 Glades Rd, Boca Raton, which is 5 minutes from the subject property. • Palm Beach State College has had a Boca Raton campus, adjacent to Florida Atlantic University, since 1971. Located at 3000 Saint Lucie Ave, Boca Raton, which is 3.4 miles from the subject property. • Lynn University is a four year co-educational institution offering 17 undergraduate degrees and five graduate degrees with more than 114 specializations through its five colleges. Located at 3601 N. Military Trail, Boca Raton, which is less than 3 miles from the subject property. • Digital Media Arts College, founded in 2001, offers bachelor’s and master’s degrees in computer animation and graphic design. Current enrollment is approximately 350 students. Located at 5400 Broken Sound Boulevard Northwest, Boca Raton, which is ten minutes from the subject property. • Everglades University is regionally accredited by the Commission on Colleges of the Southern Association of Colleges and Schools to award bachelor’s and master’s degrees. Located at 5002 TRex Ave, Boca Raton, which is 10 minutes from the subject property.


EMPLOYEMENT PRESENCE

Palm Beach County boasts some of the finest manufacturers in the world. Their presence is a strong indication of the country’s ability to support industry. Although the country has a variety of producers, there are distinct industry clusters. The most prevalent in the country are communications & information technology, aerospace & engineering, agriculture & food processing, business & financial services and medical & pharmaceutical products. Many of the country’s industrial employers are competing on a worldwide basis with products sold in the international market. Some of the largest employers in the state are located within Boca Raton. Goods Producing companies include IBM Corporation who employs approximately 600 individuals, Tyco Safety / Sensormatic has 500 employees, Jarden Consumer Solutions employs 450 people, and Siemens and Signet Diagnostics Imaging both employ 400 workers. Service Producing Companies like FAU which employees 2,776, the Boca Raton Resort & Club has 2,200 employees, The Office Depot Headquarters which has 2,100 employees, Boca Raton Community Hospital maintains 2,100 employees, and the City of Boca Raton employs an additional 1,638 employees to name a few.


PROPERTY SUMMARY


THE OFFERING Property Boca Villa Apartments

Property Address 100 W. Hidden Valley Blvd.

Boca Raton, FL 33487

Pacel Number 06-43-46-32-37-000-0000

Zoning R3F

SITE DESCRIPTION Number of Units 53

Number of Buildings 5 including Management Office

Number of Stories 2

Year Built 1988

Lot Size 7.23 acres

Type of Ownership Free Simple

Density 7.5 Units Per Acre

Parking 92 Spaces

Parking Ratio 1.74 Spacer Per Unit

Landscapting Mature

Topography Level

UTILITIES Water City of Boca Raton - Resident

Phone AT&T / Bell South - Resident

Electric FPL - Resident

Cable Comcast - Resident

CONSTRUCTION Foundation Concrete Slab

Framing Concrete Block

Exterior Concrete Block / Painted Stucco

Parking Surface Paved Asphalt

Roof Built Up Flast Shingled Mansards

MECHANICAL HVAC Central Air - Conditioning

Wiring Copper

Fire Protection Smoke Detectors / Fire Extinguishers

AEREA MAPS


LOCA AREA MAP

REGIONAL MAP

AERIAL PHOTOS


AERIAL PHOTOS


PHOTOS


PHOTOS


PHOTOS


PHOTOS


PHOTOS


FLOOR PLANS


2 BEDROOM / 2 BATH • 1000 Square Feet • 40 Units • 75.5% of Total Units

FLOOR PLANS


Villa 1 BEDROOM / 1 BATH • 700 Square Feet • 5 Units • 9.5% of Total Units

1 BEDROOM / 1.5 BATH • 700 Square Feet • 8 Units • 15% of Total Units

AMENITIES


COMMON AREA

• Large Open Landscape Spaces

• Picturesque Pool

• Laundry Facility

• Nature Preserve

• East Location Close To Beaches

• Conveniently Located to I-95

UNIT AREA

• Large Floor Plans

• Central Air-Conditioning

• Fully Equipped Appliance Package

In Kitchen

• Walk-in Closets

• Screened Porch

RECENT SALES

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RECENT SALES MAP

23 RECENT SALES

Boca Villa Apartments

1. Boca Colony

2. Camino Palms & Camino Woods

3. Keith Garden Apartments

4. Crown Court Apartments

5. Carriage Walk Apartments

6. Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICE/SF & PRICE/UNIT

24 RECENT SALES

130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $85.94

AVERAGE PRICE / SF

130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87,946

AVERAGE PRICE / UNIT

COMPARABLES

25 RECENT SALES

BOCA COLONY 6061 Boca Colony Dr. Boca Raton, FL 33433

No. of Units: 180

Year Built: 1983

Sales Price: $21,600,000

Price/Unit: $120,000

Price/SF: $127.89 COE: July 2011

UNITS TYPE

76 1Bdr / 1Bath

76 2Bdr / 2Bath

28 3Bdr / 2Bath

Comments: The property was stabilized and 96% occupied at the time of sale. It was stated that the seller chose to market the property because the asset was older than what they were comfortable with. The buyer liked the asset primarily for the location. It was stated that the buyer expects to improved rents by putting roughly $5,000/door into unit upgrades.

COE: August 2011

Comments: This was a sale of two property portfolio.

CAMINO PALMS – CAMINO WOODS 101 SW 12th Street Boca Raton, FL 33432

No. of Units: 102

Year Built: 1974


Price/Unit: $71,569

Price/SF: $89.55

UNITS TYPE

12 Studio / 1Bath

77 1Bdr / 1Bath

8 2Bdr / 1Bath

4 2Bdr / 2Bath

1 3Bdr / 2Bath

KEITH GARDEN 1171 NW 15th Ave. Boca Raton, FL 33486

No. of Units: 24

Year Built: 1973


Price/Unit: $63,125

Price/SF: $77.28 COE: December 2010

Comments: The buyer did not obtain financing toward the purchase of this property, after placing a down payment for the full amount. The buyer bought the property with the intention of replacing the roof and repaving the parking lot.

UNITS TYPE

12 1Bdr / 1Bath

12 2Bdr / 1Bath

COMPARABLES

26 RECENT SALES

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton, FL 33486

No. of Units: 35

Year Built: 1985


Price/Unit: $73,213

Price/SF: $72.86 COE: May 2010

UNITS TYPE

35 2Bdr / 2Bath

Comments: This was part of a 3 property portfolio. This property consists of all two bedrooms, two bath apartments.

COE: May 2010

Comments: This was a part of a 3 property portfolio. This property consists of all townhome units.

CARRAIGE WALK APARTMENTS 1400 NW 13th St. Boca Raton, FL 33486

No. of Units: 38

Year Built: 1987


Price/Unit: $122.928

Price/SF: $73.55

UNITS TYPE

16 2Bdr / 2Bath

22 3Bdr / 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton, FL 33428

No. of Units: 36

Year Built: 1987


Price/Unit: $76,841

Price/SF: $74.56 COE: May 2010

Comments: This was part of a 3 property portfolio. This property consists of all two bedrooms, two bath apartments. The property is on the 9th hole of Boca Dunes Golf Course, located just West of 441 and South of Glades Road. Financing in the amount of $6,570,000 from Freddie Mac.

UNITS TYPE

36 2Bdr / 2Bath

RENT COMPARABLES

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RENT COMPARABLES MAP

28 RENT COMPARABLES

Boca Villa Apartments

1. Boca Winds

2. Boca Manor

3. The Bicycle Club

4. Cynthia Gardens Apartments

5. Keith Garden Apartments

6. Crown Court Apartments

7. Country Club Apartments

MAP

1

2

3 4

6 7

5

AVERGE OCCUPANCY & RENTS

29 RENT COMPARABLES

100

90

80

70

60

50

40

30

20

10

0 1

Average 95.12%

AVERAGE OCCUPANCY

1,100

1,000

900

800

700

600

500

400

300

200

100

0

Average 1Bedroom $828

AVERAGE RENTS-1 BEDROOM

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

AVERAGE RENTS

30 RENT COMPARABLES

1,500

1,400

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

100

0

Average 3 Bedroom $1,295

AVERAGE RENTS- 2 & 3 BEDROOMS

Subject 1 2 3 4 5 6 7

Average 2Bedroom $1,060

3Bdr

2Bdr

RENT COMPARABLES

31 RENT COMPARABLES

BOCA WINDS 530 NE 47th St. Boca Raton, FL 33431

Currently offering no concessions. Water, sewer and trash are included in the rent. Amenities include on-site parking, on-site laundry and central air conditioning.

Unit Type Units Rent

Studio 15 $764

1 Bdr 1 Bath 37 $843

2 Bdr 1 Bath 30 $1,163

BOCA MANOR 2500 North Federal Highway Boca Raton, FL 33431

THE BICYCLE CLUB 1908 NW 4th Ave. Boca Raton, FL 33432

Total / Average 82 $946


1 Bdr 1 Bath 38 $785

1 Bdr 1.5 Bath 24 $810

2 Bdr 2 Bath 23 $1,050




1 Bdr 1 Bath $795

2 Bdr 1 Bath $1,150 - $1,200

3 Bdr 2 Bath $1,350 - $1,400

Total / Average 48 $1,115

Currently offering no concessions. Water, sewer and trash are included in the rent. Amenities include on-site parking, washer/dryer hook-up and central air conditioning.

No. of Units: 82 Occupancy: 95% Year Built: 1972



RENT COMPARABLES

32 RENT COMPARABLES

CYNTHIA GARDENS APARTMENTS 1675 NW 4th Ave Boca Raton, FL 33432

Currently offering no concessions. Water, basic cable, sewer and trash are included in the rent. Amenities include on-site parking, on-site laundry and central air conditioning.


1 Bdr 1 Bath 180 $815 - $865

KEITH GARDEN APARTMENS 1171 NW 15th Ave Boca Raton, FL 33486

CROWN COURT APARTMENTS 1300 NW 15th Ave Boca Raton, FL 33486



1 Bdr 1 Bath 12 $725

2 Bdr 1 Bath 12 $900




2 Bdr 2 Bath 35 $1,030


Currently offering no concessions. Water, sewer and trash are included in the rent. Amenities include on-site parking, washer/dryer hook-up and central air conditioning.




RENT COMPARABLES

33 RENT COMPARABLES

COUNTRY CLUB APARTMENTS 1601 NW 13th St Boca Raton, FL 33486



1 Bdr 1 Bath 12 $840

2 Bdr 1 Bath 12 $915-$1,015

2 Bdr 2 Bath 20 $1,015

3 Bdr 2 Bath 40 $1,190



FINANCIAL ANALYSIS

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BUILDING MAKE UP

Building (100) 10 units 9,400 RSF Villa (2) 1/1.5 (0) 2/2 (8) $993 Average Mo Rent Building (200) 12 units 10,800 RSF Villa (0) 1/1.5 (4) 2/2 (8) $974 Average Mo Rent Building (300) 9 units 8,700 RSF Villa (1) 1/1.5 (0) 2/2 (8) $1,000.55 Average Mo Rent Building (400) 12 units 10,800 RSF Villa (0) 1/1.5 (4) 2/2 (8) $974 Average Mo Rent Building (500) 10 units 9,400 RSF Villa (2) 1/1.5 (0) 2/2 (8) $993 Average Mo Rent Management Office: 700sqft

Unit Type No. of Units Approx. Sq. Ft. Current Rents Price / SF

Villa 1 Bedroom / 1.5 Bath 5 700 $925.00 $1.32

1 Bedroom / 1.5 Bath 8 700 $900.00 $1.29

2 Bedroom / 2 Bath 40 1000 $1010.00 $1.01

GRAND TOTAL 53 49,100

Sales

Villa

1/1.5

2/2

15%

9.5%

75.5%

100

MGMT OFFICE

200

500 400

300

UNIT MIX AND UNIT RENT/SF

35

ACTUAL 6 YEAR INCOME / EXPENSE

36 FINANCIAL ANALYSIS

ACTUAL 6 YEAR INCOME / EXPENSE


RENT ROLL


DEMOGRAPHICS

39



DEMOGRAPHIC REPORT

40 DEMOGRAPHICS

SUMMARY REPORT

41 DEMOGRAPHICS

RADIUS: 5 MILES

Population In 2010, the population in your selected geography was 231,951. The population has changed by 5.10% since 2000. It is estimated that the population in your area will be 236,020 five years from now, which represents a change of 1.75% from the current year. The current population is 47.4% male and 52.6% female. The median age of the population in your area is 48.0, compare this to the US average which is 37.1. The population density in your area is 2,957.46 people \=per square mile. Households There are currently 103,573 households in your selected geography. The number of households has changed by -0.03% since 2000. It is estimated that the number of households in your area will be 103,638 five years from now, which represents a change of 0.06% from the current year. The average household size in your area is 2.19 persons. Income In 2010, the median household income for your selected geography is $60,636, compare this to the US average which is currently $51,517. The median household income for your area has changed by 23.98% since 2000. It is estimated that the median household income in your area will be $65,277 five years from now, which represents a change of 7.65% from the current year. The current year per capita income in your area is $46,088, compare this to the US average, which is $27,867. The current year average household income in your area is $100,200, compare this to the US average which is $72,148. Race & Ethnicity The current year racial makeup of your selected area is as follows: 82.3% White, 11.1% Black, 0.4% Native American and 1.7% Asian/Pacific Islander. Compare these to US averages which are: 73.52% White, 12.42% Black, 0.76% Native American and 4.60% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 13.2% of the current year population in your selected area. Compare this to the US average of 15.45%. Housing The median housing value in your area was $170,302 in 2000, compare this to the $US average of $115,194 for the same year. In 2000, there were 77,892 owner occupied housing units in your area and there were 25,716 renter occupied housing units in your area. The median rent at the time was $799. Employment In 2010, there are 189,866 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 72.4% of employees are employed in white-collar occupations in this geography, and 27.6% are employed in blue-collar occupations. In 2010, unemployment in this area is 9.60%. In 2000, the median time traveled to work was 19.8 minutes.

DEMOGRAPHIC MAP

42 DEMOGRAPHICS

1 MILE

DEMOGRAPHIC MAP

43 DEMOGRAPHICS

3 MILE

DEMOGRAPHIC MAP

44 DEMOGRAPHICS

5 MILE

TRAFFIC COUNT MAP

45 DEMOGRAPHICS

6400



OFFERING MEMORANDUM

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Documents

BOCA VILLA APARTMENTS · 2012. 7. 10. · Boca Villa Apartments is located in the renowned City of Boca Raton Florida. The property is located in East Boca Raton, east of I-95, north