Catalfumo Sells Off Future Multi-Housing Development For $20.5 Million
The Richman Group of Companies acquired the asset with plans to develop 396 multi-housing units within a single mid-rise building including structured parking.
The Richman Group of Companies acquired the asset with plans to develop 396 multi-housing units within a single mid-rise building including structured parking.
Stigliano represented the Buyer, Castle Boca, LLC, in the transaction.
The building is located adjacent to Soho Studios, a 45,000-square-foot creative event space, on a 68,000-square-foot lot located at 2136 NW 1st Ave, which is also owned by The Faith Group.
Rowley has successfully overseen the growth of Avison Young’s Florida region for the past 9 years.
His media company relocated to South Florida in early 2021 and the company is expected to base its new headquarters in one of the buildings.
“The Lake Worth submarket remained at 95% occupancy or above in 2020 and is poised for additional rent growth.”
The current zoning for the 0.69-acre site permits high-density development, including residential, commercial/retail, lodging, civic and civil support.
The facilities have a combined 6,197 units.
Cushman & Wakefield’s Wayne Ramoski and Miguel Alcivar represented the seller, DFJ Properties West, LLC, in the transaction.
The three-building industrial campus totals 336,852 square feet.
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