Palm Beach Shores Apartments/Marina Sell for $58M

The housing units built in 2008 were originally to be fee simple condos. However, the recession forced the owners to go to plan B. Hence, The Cannonsport’s 36 units were turned into apartments, and along with its 54-slip marina, have been operating that way for 15 years. Now, JSB Capital Group and Ryan B. Johnson have purchased the apartment units and the adjoining marina on Singer Island in Palm Beach Shores for $58.5 million. This is the first time it has sold. The South Florida Business Journal reports S3 RE Cannonsport Funding provided a $60 million loan to the buyer. Nationwide Realty Investors was the seller.

Totaling 96,953 square feet, Cannonsport was developed on a 2.36-acre site. Units in Cannonsport range from 1,823 square feet with two bedrooms to 2,650 square feet.

Don’t miss real-time key insights from multifamily’s leading power players from Florida, the Southeast, Mid-Atlantic and Gulf Coast next month! Register to attend Connect Apartments 2023 on Nov 29 in Key Biscayne, FL. Click here to register.