Skip to main content Skip to footer

Colliers Brings to Market West Palm Beach Multifamily Portfolio

PALM BEACH, FL. (March 31, 2021) – As Palm Beach County continues to experience an influx of  companies - and employees - from the Northeast, the demand for multifamily properties is heating up among investors. Colliers South Florida is bringing to market a 12-building portfolio totaling 81 units. The asking price is $11.975 million. The multifamily portfolio offers a rare value-add opportunity of properties located between West Palm Beach and Lake Worth in northern Palm Beach County.

 

Colliers’ Associate Virgilio Fernandez as lead broker, Associate Julian Zuniga, Executive Managing Director Gerard Yetming, and Director Mitash Kriplani are handling the listing on behalf of the seller.

 

“This portfolio offers a significant upside for the investor, as the rents are well below market and the units are in good shape,” said Virgilio Fernandez. “We’re excited to bring these properties to market in an area that is seeing tremendous growth and getting national attention due to the many Wall Street companies either moving their headquarters to or opening offices in West Palm Beach, including Goldman Sachs.”

 

The buildings are located at 692 Neil Road, West Palm Beach; 535 Palmetto Street, West Palm Beach; 4224 Park Lane, West Palm Beach; 4509-4539 Gulfstream Road, Lake Worth; 3025 Perry Avenue, Lake Worth; 5855 S 37th Street, Lake Worth; 4172-4177 Narcissus Avenue, Lake Worth; 617-625 S F Street, Lake Worth; 3662 Davis Road, Palm Springs; 307-329 Melody Lane, Lantana; and 312 Mockingbird Lane, Lantana. The buildings, which combined total over 75,000 square feet, range from two to 14 units per property. Most of the units are large two- and three-bedroom units with water/electricity separately metered.

 

The properties are centrally located in West Palm Beach, providing access to an array of amenities, including palm-lined streets, breathtaking waterfront views, quaint shopping districts, historic and scenic neighborhoods, and exciting year-round outdoor activities

 

The city of West Palm Beach continues to experience robust growth as a dynamic business hub, and has been ranked by Forbes Magazine as the No. 1 city in Florida for business and careers. The area is home to 111,000 residents, 12.4 million square feet of office space, more than 15 million square feet of industrial space, and has a choice of approximately 70 hotels. The area also offers two retail and entertainment districts, CityPlace and the Clematis Street District, which are home to fashionable martini bars, trendy nightclubs, elite boutiques, and fine dining establishments.

 

For more information, please contact Virgilio Fernandez at 305-613-4507 or e-mail virgilio.fernandez@colliers.com


Related Experts

Virgilio Fernandez

Senior Associate

Miami - Coral Gables

I am a Senior Sales Associate on the Colliers South Florida Capital Markets team based in Miami. I specialize in investment sales, namely land, retail and multifamily.

As a senior associate, I exclusively represent private buyers and sellers of investment properties throughout South Florida. I assist clients in making investment decisions by providing them with rigorous and objective analyses of their assets. I currently advise private investors in the acquisition and disposition of real estate assets with the goal of accelerating their success by maximizing their investment. I have represented buyers and sellers in numerous transactions and executed sales despite complicated scenarios. Using skill, care and diligence, as well as an entrepreneurial solutions-oriented approach, I seek to continue helping clients achieve their goals in the most effective and efficient manner.

View expert

Mitash Kripalani

Director - Investment Services

Miami - Coral Gables

As a Director of Investment Services in the Miami office of Colliers International South Florida, I specialize in capital markets with a focus on multifamily, land deals and investment sales.  Servicing core South Florida markets.

I have more than a decade of commercial real estate experience. Prior to joining Colliers, I was with the Douglas Elliman Commercial Division in South Florida. I have also spearheaded numerous multi-million dollar Multifamily and condominium conversion projects and completed investment sales across the State of Florida. Our team specializes in multifamily properties, covered land, off-market sales, and assemblages across core South Florida neighborhoods.

I have earned the prestigious Certified Commercial Investment Member (CCIM) designation and currently serve as the Chapter President of the  Miami Dade/Monroe District Board of Directors for the CCIM. The Certified Commercial Investment Member (CCIM) Institute was established in 1954 to give commercial real estate practitioners a previously unrealized opportunity to further their business practices through focused education and networking opportunities. Only six percent of all commercial real estate practitioners - approximately 13,000 professionals - hold the respected CCIM designation across North America, and in more than 30 nations overseas.

I am passionate about giving back to the community by volunteering and being involved in professional organizations and a recent graduate of the Leadership Miami Program through the Greater Miami Chamber of Commerce. 

 

View expert

Julian Zuniga

Financial Analyst

Miami - Coral Gables

As a Financial Analyst on our South Florida Capital Markets team, I am a key contributor on investment sales in various South Florida markets. I focus on performing financial analysis for prospective deals, assisting clients with the valuation of their properties and maximizing the opportunity of investments. I obtained my Florida Real Estate Sales Associate License in 2013. Working mainly with international investors, buyers, and sellers, I have closed numerous commercial transactions in South Florida valued at more than $3 million.

I was born in Barranquilla, Colombia, but have been living in the United States for 18 years. Being fluent in Spanish and English allows me to work seamlessly with international clients seeking to acquire or dispose investment properties in both domestic and foreign markets. I have strategic business allies in countries such as Colombia, China, Brazil, Italy, Canada, and United Arab Emirates that work with me in the real estate industry. I also established working relationships with important public and private lenders in South Florida such the First National Bank of South Miami, Columbus Capital Lending, Apollo Bank, and a portfolio of private investors, ultimately benefitting my clients.

View expert

Gerard Yetming

Executive Managing Director, Investment Servs

Miami - Coral Gables

In 2016, I joined the South Florida offices of Colliers International, launching the firm’s Urban Core division.

As co-leader of this group, our team focuses on investment sales of all product  types in  urban core South Florida neighborhoods.

I am a dynamic and dependable commercial real estate broker with over 15 years of commercial experience, I have demonstrated success pioneering new, emerging brokerage practices in complex, non-traditional niches - including condominium conversions in the early 2000’s and urban land in the early 2010s. 

I have a proven track record for successfully executing capital market transactions, having been involved in over $8 billion of assignments including some of the largest and most complex transactions in South Florida. My recent focus on urban land assignments has resulted in $1 billion of transactions over the past since 2012.

Prior to Colliers, I co-led the land and multifamily practice at CBRE South Florida. Additionally, I served as Chief Investment Officer for The Federated Companies, a national real estate investment group that developed and managed over 7,500 units of residential housing with an aggregate value of over $1.5 billion. 

View expert