The Real Deal Miami

Riviera Beach apartments sell for $22.5M

Seller paid about $15 million for complex in January 2011
April 22, 2014 12:45PM

soldsignA Riviera Beach apartment complex changed hands for $22.5 million, according to Palm Beach County records.

Longwood-based Prospect Northlake sold the 520-unit complex at 1001 Wedgewood Plaza Drive on April 9. Palm Beach County recorded the sale on Friday. A Birmingham, Ala.-based partnership acquired the 40.3-acre property.

Prospect Northlake paid nearly $15 million for the complex in January 2011.

The buying partnership received a $32.2 million loan from First Commercial Bank for the purchase. — Eric Kalis