Apartment complex in West Palm trades for $21M

Community last sold for $11.75M in 2004

Apr.April 20, 2015 11:15 AM

A 222-unit apartment complex in West Palm Beach recently sold for $21 million.

The Bayberry Apartments, which sit on a 19-acre parcel in unincorporated West Palm Beach,  was built in 1987.

It was built by John M. Corcoran Development, which purchased the 19 acres for the complex in 1985 for $337,500, according to Palm Beach County property records.

The complex traded between a handful of management companies over the years until its most recent owner, California-based Fairfield Residential, bought it for $11.75 million in 2004.

Now, Fairfield has sold the development to an Iowa-based multi-family developer and management firm titled BH Equities. The price was $21 million.

Bayberry’s apartments range in size from one- to two-bedroom units, which average 902 square feet. The complex was 97-percent occupied at the time of the sale, according to a release.

The community has a clubhouse, fitness center, pool and two lighted tennis courts.

Avery Klann, Hampton Beebe, Marc deBaptiste and Dick Donnellan of investment brokerage ARA Newmark represented Fairfield in the sale.

“The property is poised to capitalize on the strong occupancy and rent growth fundamentals in the immediate and surrounding submarkets,” said Beebe in a statement.

Fairfield recently sold another of its South Florida complexes for $33 million to a New York-based developer. Fisherman’s Landing, a 268-unit community in Coconut Creek, was purchased by Abacus Capital Group.

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