The Real Deal Miami

Palm Beach apartments for sale in online auction

Belle Glade community has 384 units

December 02, 2014 03:45PM
By Chris Guanche

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Grand Lake Apartments in Belle Glade

Grand Lake Apartments in Belle Glade

A gated community in Belle Glade is currently for sale in an online auction.

The three-day sale ends Wednesday for Grand Lake Apartments, a 32.64-acre gated community located at 2000 South Main Street. At the time of posting, the current bid was for $4.5 million.

There is a buyer’s premium of 5 percent of the winning bid  and  a $25,000 deposit is required. Franklin Street Real Estate Services is running the sale on Auction.com for the property, which features 384 multifamily units in 31 buildings.

Originally developed from 1989 to 1991, the apartments offer a total of 323,039 square feet of living spaces. Constructed with a wood frames and a brick veneer, the units vary in configuration from one to four bedrooms and up to two bathrooms. Grand Lake’s amenities include several pools, a lake, tennis/volleyball/basketball courts, football/soccer fields, daycare and a clubhouse.

The current owner carried out a substantial renovation to the community in 2013, according to Franklin Street. As of Sept. 24, the community has an 80 percent occupancy rate with a net operating income of $1,016,058.

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