Mallards Cove Apartments
Shell Trace Apartments
6705 Mallards Cove Road
Jupiter, Florida 33458
Mallards Cove and Shell Trace Apartments are sister properties. With 349 units located next to each other, they are undermanaged, poorly maintained, poorly designed properties in Jupiter, one of the most desirable high-end communities on the Florida Treasure Coast. PGCP acquired them at a “bargain basement” price at a bankruptcy sale and plans a complete makeover.
- C architecture now, but with huge upside potential through redesign
- First exit on Indiantown Road from I-95 and the Florida Turnpike
- Large positive rental differential to competition at Abacoa and south to West Palm
- Good location, just off main highway of Jupiter
- The affordable place to live in a high-rent district with room on the upside
- New amenities being built and planned around the property
- 95% occupied
- Cheap at $72 a unit
Mallards Cove represents a real value: acquired at half of replacement cost and one-third the 2006–07 sales price. A makeover will unlock its full value.
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