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West Palm Beach Multifamily Portfolio sells for $11 Million

Colliers Florida represented both the buyer and seller in the sale of the 83-unit multifamily portfolio

PALM BEACH, FL | October 18, 2021 – As the demand for multifamily properties soars among investors, Colliers facilitated the sale of an 83-unit multifamily portfolio in West Palm Beach, FL for $11,039,000. The portfolio included rare value-added properties located between West Palm Beach and Lake Worth in northern Palm Beach County. Colliers’ Senior Associate Virgilio Fernandez represented both the buyer and seller in the transaction. The Colliers South Florida Multi-family team composed of Virgilio Fernandez, Mitash Kripalani, Julian Zuniga, and Gerard Yetming continue to actively assist clients in reaching their desired investment outcomes as the market for multi-family remains red-hot.

“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.

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Virgilio Fernandez

Senior Director

Miami

As Senior Director on the Colliers South Florida Capital Markets team I specialize in investment sales, namely land, retail and multifamily.

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 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. My team and I have a proven track record with over $1 billlion in transactions. Using skill, care and diligence, as well as an entrepreneurial solutions-oriented approach, I seek to continue helping clients achieve their investment goals in the most effective and efficient manner.

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Gerard Yetming

Executive Managing Director, Investment Servs

Miami

Gerard Yetming joined Colliers in 2016. His team focuses on investment sales of all product types in urban South Florida neighborhoods.

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

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

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Mitash Kripalani

Managing Director - Investment Services

Miami

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. 

 

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Julian Zuniga

Senior Financial Analyst

Miami

As a Senior 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.

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