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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.

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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 Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.