Bulk buyer pays $15.5M for Village Club Apartments in Palm Springs

The Village Club Apartments in Palm Springs has been sold in a bulk deal for $15.45 million, according to a deed filed Thursday in Palm Beach County Circuit Court.

The 314-unit 238,862-square-foot complex is located at 555 Kirk Road in Palm Springs. It had an appraised value of $9.88 million last year, according to the Palm Beach County Property Appraiser’s office.

The sale worked out to an average price of $49,203 per unit, or just under $65 per square foot.

The buyer was Riverfront Capital, a Coral Gables-based limited liability company. listing Oscar Vila as its manager.

Riverfront’s Dallas-based attorney, Steven Camp, said he was not authorized to comment on the deal.

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The seller was VC Palm Springs Investco, which last year acquired the defaulted loan on the property from an affiliate of West Palm Beach-based Ceebraid-Signal.

PEM could not be reached for comment.

VC Palm Springs Investco is managed by Paul Mashni, the president of PEM Real Estate, which owns multi-family properties across the United States, including the Park Towers Apartments 777 NW 155th Lane in Miami.

The Park Towers complex was acquired in April 2011.