The Real Deal Miami

Waterfront West Palm apartments trade for $4.25M

Company tied to New York-based Philips International was the buyer

June 12, 2015 05:15PM
By Katherine Kallergis

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3907 South Flagler Drive in West Palm Beach and Mitash Kripalani

3907 South Flagler Drive in West Palm Beach and Mitash Kripalani

An apartment building in West Palm Beach recently sold for $4.25 million, or $157,400 per unit.

VUPPN Flagler LLC, based in Valley Stream, New York, sold the 27-unit multifamily property at 3907 South Flagler Drive in West Palm Beach, Palm Beach County records show. Mitash Kripalani, Douglas Elliman Commercial Division broker, represented the seller.

Flagler WPB LLC is the buyer. Philip Pilevsky of New York-based Philips International is listed on the company’s corporate records.

The building was built in 1972 and totals 18,900 square feet. George Usha, a medical doctor based in Valley Stream, is listed on the seller’s corporate records.

“This property was recently renovated and is a well-situated waterfront building with a deeded dock space for additional rental income,” Kripalani said in a statement. “The building has a strong occupancy and rent growth fundamentals in the immediate and surrounding submarkets, making it an attractive investment opportunity.”

The building last sold for $3.35 million in August 2013, according to Palm Beach County property records.