Colliers Florida represented both the buyer and seller in the sale of the 83-unit multifamily portfolio
“It was a unique opportunity to deliver significant upside to both sides of the transaction. We provided the seller with the maximum value for his properties and assisted our buyer in acquiring an asset, which complimented his existing portfolio and provided notable rental value,” said Virgilio Fernandez.
The portfolio consists mostly of large two and three-bedroom units with water/electricity separately metered. The buildings, which combined totaled over 75,000 square feet, range from two to 14 units per property. The properties 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.
Positive multifamily market fundamentals, combined with mass in-migration to Palm Beach County, have triggered immense investor interest, particularly among value-add assets that can be repositioned to attract higher rents. “The transaction demonstrates the scaling interest from clients in New York and California in multifamily opportunities in Florida, accounting for the fact that half of the offers on the portfolio stemmed from investors from those states,” said Fernandez.
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 retail and entertainment districts, which are home to fashionable martini bars, trendy nightclubs, elite boutiques, and fine dining establishments.