The Colliers’ Real Estate Development Division – once focused on commercial buildings – is leveraging its extensive expertise in Construction Management to assist condo boards with multi-million-dollar capital improvements and renovations mandated by the Building Safety Act.
The property is comprised of 30 duplex buildings on six adjoining parcels totaling 9.61-acres of land.
The SVN Commercial Partners (SVNCP) Multifamily Team, comprised of Team Leaders Steven Paulsen, John Andrews and Junior Advisor Mason Highman, represented the seller in the sale.
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.