The Real Deal Miami

Investor duo picks up Palm Springs apartments for $13M

Buyers include residential real estate company and Florida entrepreneur

December 18, 2015 06:00PM
By Sean Stewart-Muniz

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The apartments at 2300 Springdale Boulevard in Palm Springs

The apartments at 2300 Springdale Boulevard in Palm Springs

The Advenir investment firm just sold an apartment complex in Palm Springs to a pair of companies for $13.25 million.

Located at 2300 Springdale Boulevard, the property includes four low-rise apartment buildings with 152 units. They were built in 1985 and last traded in 2004, when an Advenir affiliate paid $10.075 million for them, according to Palm Beach County property records.

The buyers are two limited liability companies called 2500 Springdale and 1746 10th Way. Corporate records show they are managed by real estate firm Avesta Communities and entrepreneur Jesse M. Biter, respectively.

The two financed their purchase with an $11 million loan from Berkadia Commercial Mortgage, according to records.

Dubbed Advenir at Springdale, the community features units ranging from 760 to 926 square feet. Its amenities include a pool and playground.

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