CapRate Completes $10M MF Deal in Lake Worth, FL
Tropical Villas Apartments, a 68-unit, garden-style rental community in Lake Worth, FL, has traded hands for $9.5 million, or $139,705-per-unit. The buyer was Tropical Villas, LLC, a privately held real estate investment firm with offices in Florida and New Jersey. The seller was Palm Beach County-based, Watermark Multihousing, LLC.
CapRate Commercial Real Estate Advisors, LLC’s Bill Berthiaume represented the seller.
Berthiaume says, “Tropical Villas represented an opportunity to acquire an extremely well renovated and well-located multifamily community consisting of all two-bedroom floor plans.”
The fully occupied asset at 3440 Rudolph Rd. (28 units) and 3431 Helena Dr. (40 units) are contiguous to each other and sits on a combined 4.84 acres. The property was built in 1977 and 1979 and recently underwent a $1 million interior and exterior renovation. Amenities include a swimming pool with paved sundeck, basketball courts and renovated parking, landscaping, curbing and units’ interiors including kitchen and bath upgrades and new flooring.
For comments, questions or concerns, please contact Dennis Kaiser