Miami developer lands $27.15M loan to build West Palm Beach apartments

AHS Development Group broke ground for a 240-unit rental complex called Village at Mangonia Lake with financing from Bank of America

Miami /
Mar.March 17, 2018 12:50 PM

Rendering of Village at Mangonia Lake

Miami-based AHS Development Group started building an apartment complex in West Palm Beach after landing a $27.1 million construction loan.

AHS broke ground for a 240-unit apartment complex called Village at Mangonia Lake with construction financing from Bank of America.

The Miami-based developer paid $4.5 million in March 2017 for the 7.56-acre development site at 2101 North Australian Avenue, just west of downtown West Palm Beach along Mangonia Lake.

According to its website, AHS expects to complete construction of Village at Mangonia Lake by late 2018.

Carlos E. Gonzalez, chief financial officer of AHS, told the South Florida Business Journal that monthly rents would range upward from $1,300 for a one-bedroom apartment and from $1,600 for a two-bedroom apartment.

Village at Mangonia Lake is designed as a 227,651-square-foot residential cluster of three buildings that will be six stories tall and two buildings that will be three stories tall.

Southeast Architects Services also designed the apartment complex with clubhouse spanning 3,785 square feet with a swimming pool facing Lake Mangonia.

Other common-area amenities will include a walking trail with fitness equipment, barbecue stations and a volleyball court. [South Florida Business Journal] – Mike Seemuth


Related Articles

arrow_forward_ios
West Palm Beach spec home sells for $9M in record non-waterfront deal
West Palm Beach spec home sells for $9M in record non-waterfront deal
West Palm Beach spec home sells for $9M in record non-waterfront deal
Starwood snaps up Palm Beach County apartment complexes for $176M
Starwood snaps up Palm Beach County apartment complexes for $176M
Starwood snaps up Palm Beach County apartment complexes for $176M
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
Redfearn Capital nabs West Palm Beach retail/office property for $18M
Redfearn Capital nabs West Palm Beach retail/office property for $18M
Redfearn Capital nabs West Palm Beach retail/office property for $18M
Estate Companies plans apartments in downtown West Palm, paid $16M for dev site
Estate Companies plans apartments in downtown West Palm, paid $16M for dev site
Estate Companies plans apartments in downtown West Palm, paid $16M for dev site
Anna Kournikova’s mother aces West Palm Beach home sale for $6M
Anna Kournikova’s mother aces West Palm Beach home sale for $6M
Anna Kournikova’s mother aces West Palm Beach home sale for $6M
Tortoise Properties pays $19M for downtown West Palm multifamily dev site
Tortoise Properties pays $19M for downtown West Palm multifamily dev site
Tortoise Properties pays $19M for downtown West Palm multifamily dev site
Clockwise from top left: Lancaster Apartments at 1210 Palm Beach Lakes Boulevard, The Charmer at 345 30th Street and Sunset Place at 1001 36th Street in West Palm Beach. Inset: Kingdom Development’s William Leach (Google Maps, Kingdom Development)
California firm pays $59M for West Palm Beach apartment portfolio
California firm pays $59M for West Palm Beach apartment portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...