West Palm Multifamily Property Trades In 1031 Exchange Deal

Jun 14, 2015 No Comments by

Douglas Elliman Commercial Division Associate and CCIM Miami District Director Mitash Kripalani, CCIM negotiated the sale of a 27-unit multifamily asset for $4.25 million, or approximately $157,400 per unit.

3907 S FLAGLER DRIVE WEST PALM BEACHThe 1972-built property, located at 3907 S. Flagler Drive in West Palm Beach, totals approximately, 18,900 square feet. Kripalani represented the seller, a private investor from New York, in the transaction.

The seller hired Kripalani and Douglas Elliman because of their ability to tap into their vast network of high-level contacts. The seller was interested in a quick and discreet transaction, without disrupting the day-to-day operations and keeping the sale very confidential from their tenants. Mitash was able to market this asset within his database of clients and was able to obtain interest from multiple investors. Douglas Elliman has nine offices throughout South Florida, with more than 600 agents.

 

“Douglas Elliman Commercial represented both parties in this transaction; a testament to our commitment to the South Florida marketplace,” commented Kripalani.  “Both buyer and seller have long-term relationships with Douglas Elliman.  This property was recently renovated and is a well-situated waterfront building with a deeded dock space for additional rental income. The building has a strong occupancy and rent growth fundamentals in the immediate and surrounding submarkets, making it an attractive investment opportunity.”

 

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Industry News, Multifamily, Palm Beach County Multifamily
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