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The Real Deal Miami

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

By Alexander Britell | March 09, 2012 12:45PM

Village Club Apartments

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.

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.