The Real Deal Miami

Palm Beach apartments sell for $4.365M

August 17, 2011 02:12PM

A-60 unit apartment community at at 2236 Laurel Way in West Palm Beach has sold to a limited liability company based in Lake Worth for $4.365 million as part of a 1031-exchange transaction with an LLC in Miami. Marcus & Millichap brokered the deal.

“Villas of Palm Beach is a quality asset with recent renovations in a strong rental market. This deal achieved a significant selling price of $72,750 per unit. It was an off market deal that closed quickly based on my established relationships within the market and two parties who saw the value in getting this deal completed for their respective goals,” said Marcus & Millichap Associate William Berthiaume.

The garden-style community consists of seven buildings in the Greenacres submarket of West Palm Beach. The property was 80 percent renovated over the last two years. — Katherine Clarke