West Palm Beach Housing Portfolio Sells For $59M
The West Palm beach portfolio encompasses 309 units in garden style properties.
The West Palm beach portfolio encompasses 309 units in garden style properties.
The sale price equates to $221,250 per unit.
The city of West Palm Beach donated five parcels of land for the project.
The TOBY Awards are the most prestigious and coveted awards of their kind in the commercial real estate industry. The awards recognize superiority in office and industrial buildings and reward excellence in building management.
The project is expected to cost over $500 million to develop.
Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of the ownership.
The approximately125,000-square-foot mixed-use project will feature four buildings with 127 residential units, approximately 8,000 square feet of retail and office space, and 20,000 square feet of green space
Calum Weaver, Perry Synanidis and Garrett Pordes of Cushman & Wakefield represented the seller, 3T Country Club Village LP, in the transaction.
The closing represents the last of three strategically planned majority skilled nursing property sales in Florida by Healthcare Trust, Inc.
The buildings, which combined total over 75,000 square feet, range from two to 14 units per property.
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