Investors trade West Palm Beach apartments for $22M
Dallas investment firm Highland Capital Management picked up the CityView Apartments in West Palm Beach for $22.42 million, or about $103,000 per unit.
Records show an affiliate of Los Angeles-based Investors Management Group sold the 217-unit complex at 500 North Congress Avenue. The nearly 12-acre lakefront property was developed in 1970.
Investors Management Group paid $20 million for CityView last June, which means they made about $2.42 million in 13 months.
Monthly rents range from $1,045 to $1,420, and units range in size from 900-square-foot one-bedrooms to 1,700-square-foot three bedrooms, according to ApartmentGuide.com. Amenities at the West Palm Beach property include a common grilling/picnic area, dog park, swimming pool and sundeck.
Since January, investors and developers sold and purchased more than $4 billion worth of apartments, many of which are located in suburban areas. In February, Highland Capital Management paid close to $27 million for a Boynton Beach apartment complex.