Southport picks up affordable rental community in Greenacres

Price breaks down to $150k per unit

Miami /
May.May 02, 2018 10:30 AM

Chelsea Commons Apartments (Credit: ForRent.com)

Southport Financial Services bought yet another affordable apartment complex in Palm Beach County, this time in Greenacres.

Property records show Southport affiliate SPRJ Chelsea Commons LLC paid $31.5 million for the 210-unit Chelsea Commons affordable housing apartment community at 101 Pine Circle.

The seller, Chelsea Commons Limited Partnership, is led by Green Companies’ James Bernstein. Previous sale information was not available online.

The price for Chelsea Commons breaks down to $150,000 a unit. Records show Southport financed the deal with a $22 million loan from Jones Lang LaSalle Multifamily.

The rental community, built in 1988, surrounds a 4-acre lake. It sits on about 27 acres east of South Jog Road and south of Melaleuca Lane. Amenities include a pool and clubhouse.

The trade comes at a time when Palm Beach County has been trying to encourage more development of affordable and workforce housing amid rising home prices and rents.

Southport has been busy picking up affordable rental communities in the county. Earlier this year it paid $15.8 million for the Marina Bay Apartments in Lantana and $12.6 million for the 130-unit Colony Park rental community in West Palm Beach.


Related Articles

arrow_forward_ios
Laurent Morali and Charles Kushner (iStock)
Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
South Florida contracts increase through the end of 2020. (Getty)
Signed resi contracts up in South Florida in December
Signed resi contracts up in South Florida in December
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
Palm Beach (iStock)
South Florida resi contracts continue growing in November, with Palm Beach in the lead
South Florida resi contracts continue growing in November, with Palm Beach in the lead
(iStock)
South Florida October construction starts drop, year-over-year
South Florida October construction starts drop, year-over-year
Brent Baker and a  rendering of 5024 South State Road 7 (DiVosta, iStock)
Pulte buys 31 acres in Lake Worth, plans housing community
Pulte buys 31 acres in Lake Worth, plans housing community
arrow_forward_ios

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

Loading...