Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Lake Worth Apartments LLC has sold Lake Worth Gardens, a 170-unit independent living retirement facility, to Lake Worth Gardens Community LLC for $6.8 million. The property, located 3927 Hadjes Dr., in Lake Worth, FL, consists of two courtyard buildings on 7.29 acres. The estimated unit value, according to the Palm Beach County property appraiser’s office, is $10,000.

Also according to the property appraiser’s office, Lake Worth Apartments LLC bought the facility in August 2000 for $8.35 million. The facility is currently approximately 94% occupied.

Lake Worth Gardens Community LLC’s main equity investors are based in Chicago. Bruce Gibson, a member of the Senior Housing Services Group and senior associate with the Miami office of CB Richard Ellis Inc. represented Lake Worth Apartments LLC of Newport Beach, CA, in the sale. Lake Worth Gardens Community LLC’s principals and their attorney handled the deal on the buyer side, according to Gibson.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.