West Palm Beach Housing Portfolio Sells For $59M

Newmark announced the sale and financing of a three-property multifamily portfolio in the West Palm Beach Area.

A New York-based private seller sold the portfolio to NeuRock Capital for $ 59,250,000. Newmark Multifamily Capital Markets’ Executive Managing Director Tal Frydman and Vice Chairmen Hampton Beebe and Avery Klann facilitated the sale.

The West Palm beach portfolio encompasses 309 units in garden style properties. The three properties are located within direct proximity of each other providing excellent economies of scale while also being within minutes of the several dining, retail and entertainment options The property portfolio includes Sunset Place at 1001 36th St, Lancaster Apartments at 1210 Palm Beach Lakes Blvd and The Charmer located at 345 30th St. This value-add sale offers the buyer an opportunity to improve property returns by upgrading apartment interiors that could include hard surface countertops, stainless steel appliances, vinyl-plank flooring throughout, tile backsplash, new plumbing, updated lighting fixtures and new interior paint

“The West Palm Beach multifamily market has been witnessing tremendous amounts of activity over the past year as Florida has become a destination for pandemic era relocations,” said Frydman. “Once we brought this rare value-add opportunity to market, we were able to quickly secure the right buyer who saw the advantage in acquiring all three assets.”

According to Newmark Research multifamily sales nationally in Q3 2021 totaled 78.7 billion, signifying the largest quarterly sales volume figure on record as investor appetite for multifamily continues to surge. Multifamily total returns rose to 12.3% through the first three quarters of the year and 13.4% on an annualized basis. Markets throughout the Southeast and Southwest are among the strongest performers over the last 12 months.

Sunset Place is a 192 unit two-story, garden style apartment community that sits on 10.46 acres of land. The apartment includes a mix of 1-3-bedroom apartments with select units featuring in-unit washer/dryer, tile backsplash, vinyl plank flooring, white kitchen cabinets, stainless steel appliances, air conditioning, and dishwasher. The community amenities at Sunset Place include on-site laundry facilities, a pool with sundeck, ample outdoor green space in a gated community.

Lancaster Apartments is two-story garden-style apartment property containing 78 rental units sitting on 2.95 acres of land. The property has 2-bedroom apartments and features in select units in-unit washer/dryer, tile backsplash, vinyl plank flooring, white kitchen cabinets, stainless steel appliances, air conditioning, and dishwasher. The community amenities include an on-site laundry facility, a pool with sundeck, ample green space in a gated community.

The Charmer is a 39-unit garden style apartment property that spans two stories and includes one story villas sitting on 0.76 acres of land. The property has a mix of studio to two-bedroom apartments with select units featuring in-unit washer/dryer, tile backsplash, vinyl plank flooring, white kitchen cabinets, stainless steel appliances, air conditioning and dishwasher. Community amenities at The Charmer include on-site laundry facilities, a pool with sundeck, ample outdoor green space in a gated community.