Palm Beach apartments for sale in online auction

Grand Lake Apartments in Belle Glade
Grand Lake Apartments in Belle Glade

A gated community in Belle Glade is currently for sale in an online auction.

The three-day sale ends Wednesday for Grand Lake Apartments, a 32.64-acre gated community located at 2000 South Main Street. At the time of posting, the current bid was for $4.5 million.

There is a buyer’s premium of 5 percent of the winning bid  and  a $25,000 deposit is required. Franklin Street Real Estate Services is running the sale on for the property, which features 384 multifamily units in 31 buildings.

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Originally developed from 1989 to 1991, the apartments offer a total of 323,039 square feet of living spaces. Constructed with a wood frames and a brick veneer, the units vary in configuration from one to four bedrooms and up to two bathrooms. Grand Lake’s amenities include several pools, a lake, tennis/volleyball/basketball courts, football/soccer fields, daycare and a clubhouse.

The current owner carried out a substantial renovation to the community in 2013, according to Franklin Street. As of Sept. 24, the community has an 80 percent occupancy rate with a net operating income of $1,016,058.