SVN | Commercial Partners Multifamily Team Closes Sale Of Lake Worth Beach Apartments With Additional Land To Develop
The SVN | Commercial Partners (SVNCP) Multifamily Team, comprised of Team Leader Steven Paulsen, Senior Advisor John Andrews and Junior Advisor Mason Highman, represented both the buyer and seller in the sale and purchase of Tropical Garden Apartments & Development, a ±5,170-square-foot multifamily property located at 515-521 S Federal Highway in Lake Worth Beach, just a few blocks to the south of the famous Lake and Lucerne Avenues.
The 8-unit asset with an additional .2 acres traded for $1,460,000 or $182,500 per unit. The property was constructed in 1967. The property last sold in 2002 for $417,000.
“The Tropical Gardens apartments represented the unique opportunity to acquire an existing property with the ability to construct more units,” explained Andrews. “This highlights the trend of opportunistic investors buying near Downtown Lake Worth Beach.
The closing represents the continued success of the Multifamily Partners Team with an impressive 23 transactions in recent months.
“Our team covers the entire South Florida Market and we are pleased to facilitate another transaction in the Lake Worth Beach sub-market,” added Paulsen. “The SVN Difference has proven to be a powerful differentiator to the clients we service.”
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