The Real Deal Miami

Morguard closes on 17-acre land sale in Lake Worth; site approved for 169 townhomes

October 09, 2012 09:45AM

Brenner Real Estate has closed on the $2.07 million sale of an 18-acre lot at 4411 South Congress Avenue in Lake Worth. The site, which is approved for 169 townhomes, was sold on Sept. 18. Brenner’s Reese Stigliano represented the buyer, a limited liability company called Morguard Coral Lakes. The seller, which represented itself, was FCB Palm Beach Holdings, an affiliate of Florida Community Bank. The site is located near Palm Beach State College. Morguard has been on a buying spree as of late, led by the $42.1 million purchase of the Woodbine Apartments in Riviera Beach in August. It owns the adjacent Emerald Lakes 300-unit apartment complex. — Alexander Britell