A Chicago doctor just sold off 12 apartment buildings, totalling 115 units scattered around West Palm Beach and Broward Counties, for $8.5 million.
The portfolio was assembled by Dr. Salomon Dayan from 2003 to 2008. The doctor, who is certified in both geriatric and internal medicine, spent roughly $7.8 million collecting the massive property portfolio.
Dayan is the founder and former head of the Salomon J. Dayan medical group, which specialized in care for the elderly, and has acted as an executive for a multitude of other medical companies. He is currently a director of the Arlington Hospitality company, which builds and manages mid-priced hotels, according to his profile on Bloomberg.
Most of the apartments are low-rises that house less than 10 units. Eight are located in West Palm Beach, with three left over in Coconut Creek. One single-family home was also thrown into the deal for $101,000.
Though the West Palm Beach sales aren’t yet posted to county records, the Coconut Creek sales have been recorded.
The three apartment buildings there sold for $2.57 million to a company titled SW Coconut Creek. That company is lead by Barnett Brown, David Brown and Robin Cruise, whose addresses link back to a condo in the Continuum North Tower on Miami Beach.
Those three are likely the buyers for the entire portfolio. A news release about the sale said the buyers were in a 1031 exchange, which allows an investor to sell a property and use the proceeds to reinvest in another property without being taxed.
The 115 units in this portfolio were made up of six studios, 85 one-bedroom units, six two-bedroom units with one bathroom, 16 two-bedroom units with two bathrooms and three units with three bedrooms and one bathroom.
Harrison Rein and Robert S. Hunter of commercial brokerage Marcus & Millichap represented both the seller and the buyer for the deal.
“The portfolio presented an opportunity for the buyer, who was in a 1031 exchange looking to expand on their South Florida holdings, to acquire a critical mass of units in close proximity to the Downtown West Palm Beach area,” said Rein in a statement.
Here’s a breakdown of the portfolio:
515 South Sequoia Drive, West Palm Beach, Fla
- 306 N Lakeside Court, West Palm Beach, Fla
- 314 N Lakeside Court, West Palm Beach, Fla
- 311 Pine Terrace, West Palm Beach, Fla
- 315 Pine Terrace, West Palm Beach, Fla
- 1305 Florida Avenue, West Palm Beach, Fla
- 1701 Georgia Avenue, West Palm Beach, Fla
- 1707 Georgia Avenue, West Palm Beach, Fla
- 2716 S. Dixie Highway, West Palm Beach, Fla
- 2724 S. Dixie Highway, West Palm Beach, Fla
- 460 Sunshine Drive, Coconut Creek, Fla
- 470 Sunshine Drive, Coconut Creek, Fla
- 471 Sunshine Drive, Coconut Creek, Fla