(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
PALM BEACH, FL—A 1973 vintage multifamily complex known as Palo Verde Apartments has sold for $14.75 million. Mayan Capital sold the 276-unit multifamily asset to a private investor.
Aztec Group managing director Jason Shapiro and CREC senior vice president Peter Mekras represented the seller exclusively in the transaction. The unrepresented buyer was selected from among more than 10 offers.
Shapiro tells GlobeSt.com that he’s seen an uptick in the sales of older properties built in the 1970s, 80s and 90s: “Despite their age, many are well-kept with quantifiable and reasonable upcoming capital improvements, and a steady and positive operating history over time, in most cases.”
Located at 6164 Forest Hill Blvd. in West Palm Beach, FL, Palo Verde Apartments was bought was renovated in 2006 and upgraded in 2010. The property is 95% occupied. Mayan Capital acquired the loan on the multifamily asset in 2010 and took title through foreclosure in 2011.
“The sale of Palo Verde Apartments is another example of demand for multifamily communities in Florida, given its 1973 vintage,” Mekras said in a statement. “Assets offering stable occupancy and in in-place cash flow continue to garner strong interest at a fraction of their replacement cost.”
Palo Verde offers one- and two-bedroom units, tennis courts and a fitness center spread across a 14.3-acre property with prime visibility along Forest Hill Boulevard. The multifamily complex is located in a stable working class neighborhood that is home to Walmart, Publix, CVS, and Winn-Dixie stores.
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