Deutsche Asset & Wealth Management Acquires Palmetto Promenade Property in Boca Raton, Florida
Deutsche Asset & Wealth Management’s (DeAWM) real estate investment business today announced that it has acquired Palmetto Promenade in Boca Raton, Florida, for one of its investment funds.
Palmetto Promenade is a to-be-built Class-A multifamily rental property located on a 5.8 acre site that is within walking distance to the Atlantic Ocean and downtown Boca Raton. When completed, the property will feature 378 units, a 680 parking space structure, and approximately 11,740 square feet of ground-floor retail space.
“Palmetto Promenade offers investors the potential to own a trophy-caliber property that we are pleased to have been able to include in the portfolio,” said Todd Henderson, Head of Real Estate, Americas, at Deutsche AWM. “The property is expected to be one of the pre-eminent multifamily developments in the state, given its mix of size, location, and planned amenities, offering investors a compelling investment opportunity in an affluent market.”
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives and Real Assets platform, this business today has more than 450 employees around the world and US$48.2 /EUR35.2 billion in assets under management as of June 30, 2014, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about Deutsche Asset & Wealth Management’s real estate investment capabilities, go to www.rreef.com.
Deutsche Asset & Wealth Management
With $1.31 trillion of assets under management (as of June 30, 2014), Deutsche Asset & Wealth Management^1 is one of the world’s leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
^1 Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. I-035917-1.0
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