The Real Deal Miami

Palm Club Apartments trade for $13M

Aventura investor buys 160-unit townhome community in Lake Worth
June 04, 2014 04:30PM

Palm Club Townhomes

Palm Club Apartments

The Palm Club Apartments in Lake Worth changed hands for about $13 million.

Aventura-based Palm Club Investments picked up the 160-unit townhome community at 2425 Second Avenue North, according to a written announcement released on Tuesday by CBRE, which arranged the transaction. Palm Club Townhouses of Lake Worth is the seller. The community was constructed in 1993.

The buyer received a $9.83 million loan from Freddie Mac for the acquisition. The 10-year mortgage only accrues interest for three years.

CBRE Multifamily Investment Properties brokers Richard Tarquinio and Calum Weaver represented the seller in the transaction. The firm’s Chris Apone, Charles Foschini and Christian Lee arranged the financing.

“Palm Club is very unique because all of the units are four-bedroom, two-and-a-half-bath townhomes, which is a rare product type for renters to find,” Tarquinio said. — Eric Kalis