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The Real Deal Miami

Israeli group buys Palm Club apartments in Lake Worth

July 13, 2011 09:29AM

PC Townhomes, an Israel-based group, has purchased the Palm Club
Apartments in Lake Worth for $7.8 million. The sale of the 160-unit
property represented an average of $48,750 per unit. “South Florida’s
multi-family market has witnessed strong investment activity over the
last 15 months,” said Calum Weaver, a sales professional with CB Richard
Ellis in Miami. “Most of this activity has been in institutional Class A
and B assets. However, as a lack of product intensifies competition
between investors, buyers are pushed to expand their search parameters.”
The property is 90 percent leased. — Alexander
Britell