The Real Deal Miami

Palm Beach County apartments sell for $18.1M

Tampa multifamily investor acquires Village Club in Palm Springs
April 16, 2014 12:45PM

Village Club Apartments

Village Club Apartments

The Village Club Apartments in Palm Springs changed hands for $18.1 million, The Real Deal has learned.

A company tied to Tampa multifamily investor Avesta Communities acquired the 314-unit apartment complex at 555 Kirk Road on April 10, according to Palm Beach County records. The county recorded the purchase on Tuesday. Avesta added the complex to a $45 million revolving credit facility from a group of lenders managed by KeyBank.

Riverfront Capital III sold the complex to Avesta. The Coral Gables company is managed by Oscar Vila. It paid about $15.5 million for the nine-acre property in March 2012. — Eric Kalis