PALM BEACH—Rare fractured condo units in Downtown West Palm Beach have finally sold. The 166 units were located in The Strand, a 275-unit luxury high-rise multifamily community. Palm Beach resident Jeff Greene purchased the property for $28.5 million and plans to continue to rent out the units, which are currently 95% occupied.
ARA South Florida-based principals, Avery Klann and Marc deBaptiste, along with senior vice president, Hampton Beebe, represented Boston-based Cross Harbor Capital Partners in the transaction. The MORE Group, a Delray Beach, FL-based multifamily organization led by principal Victoria Wood, provided asset management advisory services for The Strand.
“As one of the last remaining fractured condominiums in South Florida, the buyer saw the intrinsic value of this trophy property,” says Klann, lead broker on the deal. “In addition to spectacular water and cityscape views, the property is located within the Clematis District, which offers numerous fine dining and shopping opportunities and major employment centers are also just minutes away. ”
Constructed in 2002, The Strand is one of the few waterfront communities in Downtown West Palm Beach that offers unobstructed views of the Intracoastal Waterway, Palm Beach Island and the Atlantic Ocean. The 15-story building includes 9’3” and 10’5” ceilings and a six-story enclosed garage parking structure.