As Palm Beach County continues to experience an influx of companies – and employees – from the Northeast, the demand for multifamily properties is heating up among investors.
Colliers South Florida is bringing to market a 12- building portfolio totaling 81 units. The asking price is $11.975 million. The multifamily portfolio offers a rare value-add opportunity of properties located between West Palm Beach and Lake Worth in northern Palm Beach County.
Colliers’ Associate Virgilio Fernandez as lead broker, Associate Julian Zuniga, Executive Managing Director Gerard Yetming, and Director Mitash Kriplani are handling the listing on behalf of the seller.
“This portfolio offers a significant upside for the investor, as the rents are well below market and the units are in good shape,” said Fernandez. “We’re excited to bring these properties to market in an area that is seeing tremendous growth and getting national attention due to the many Wall Street companies either moving their headquarters to or opening offices in West Palm Beach, including Goldman Sachs.”
The buildings are located at 692 Neil Road, West Palm Beach; 535 Palmetto Street, West Palm Beach; 4224 Park Lane, West Palm Beach; 4509-4539 Gulfstream Road, Lake Worth; 3025 Perry Avenue, Lake Worth; 5855 S 37th Street, Lake Worth; 4172-4177 Narcissus Avenue, Lake Worth; 617-625 S F Street, Lake Worth; 3662 Davis Road, Palm Springs; 307-329 Melody Lane, Lantana; and 312 Mockingbird Lane, Lantana. The buildings, which combined total over 75,000 square feet, range from two to 14 units per property. Most of the units are large two- and three-bedroom units with water/electricity separately metered.
The properties are centrally located in West Palm Beach.
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