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Florida & Gulf Coast  + South Florida  + Apartments  | 

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

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Connect With Tropical Villas, LLCConnect With Watermark Multihousing, LLCConnect With CapRate’s Berthiaume

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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