Team Leader Steven Paulsen, Senior Advisor John Andrews and Junior Advisor Mason Highman, represented both the buyer and seller in the sale and purchase.
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 Lake Worth submarket remained at 95% occupancy or above in 2020 and is poised for additional rent growth.”
She has been involved with hundreds of real estate transactions, representing buyers, sellers, investors and tenants in both residential and commercial real estate.
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.