The Real Deal Miami

Apartments near Palm Beach airport sell for $11M

Buyer specializes in rehabilitating affordable housing projects

December 04, 2015 05:15PM
By Sean Stewart-Muniz

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The Mallards Landing Apartments in unincorporated Palm Beach County

The Mallards Landing Apartments in unincorporated Palm Beach County

An apartment complex near the Palm Beach International Airport was just sold for $10.9 million.

Mallards Landing Apartments, a a 163-unit rental community, was sold by an affiliate of the Richman Group through a deed filed Monday in Palm Beach County.

The community is located on an 11.4-acre development site at 1652 Qual Drive, less than two miles north of the airport.

Richman has owned Mallards since 2001, when it paid $5.325 million for the community. The company owns and develops residential real estate, and it manages a portfolio of more than 13,000 units throughout the United States.

The buyer is a company managed by J. David Page, who is also the head of private real estate firm Southport Financial Services, based in Tampa.

Southport specializes in buying and rehabilitating affordable housing complexes like Mallards. The firm has a portfolio of 14,000 units across the U.S.

The price breaks down to about $66,871 per apartment.

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