RAIA Capital Management pays $44M for apartment complex near Lake Worth

Priderock sold the 206-unit complex for $216k per apartment

TRD MIAMI /
Jul.July 23, 2018 02:30 PM

Casa Brera at Toscana Isles and Samuel Raia

Priderock Capital Partners just sold a 206-unit apartment complex near Lake Worth to RAIA Capital Management for $44.4 million.

The complex, known as Casa Brera at Toscana Isles, is just off Hypoluxo Road in unincorporated Palm Beach County at 4725 Via Bari.

West Palm Beach-based Priderock sold the property for about $216,000 per unit, property records show.

Casa Brera at Toscana Isles, built in 2013, features one- to three-bedroom units, a heated outdoor pool, private movie theater, fitness center, a multi-purpose sports court and a dog park, according to its website. Priderock paid $31.1 million, or about $151,000 per unit, for the 12.2-acre complex in 2015.

RAIA Capital Management’s portfolio includes about 3,000 Class A apartments in Alabama, Florida, Missouri, South Carolina and Tennessee, according to its website.

Priderock, managed by George Banks and David Khoury, owns and manages over 12,000 units in 16 states. Last April, Priderock bought West Isle Club Apartments in Key West for $56.8 million from Mast Capital and Rockpoint Group. It also owns an apartment complex in North Lauderdale.


Related Articles

arrow_forward_ios
Palm Beach County property appraiser tests positive for coronavirus

Palm Beach County property appraiser tests positive for coronavirus

Palm Beach County property appraiser tests positive for coronavirus
GL Homes President Misha Ezratti (Credit: LILA PHOTO via GL Homes)

GL Homes offers $22M for development rights in Agricultural Reserve

GL Homes offers $22M for development rights in Agricultural Reserve
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
Florida Allowing Gyms, Beaches To Reopen in Palm Beach

Florida governor to allow gyms and beaches to reopen in Palm Beach County on Monday

Florida governor to allow gyms and beaches to reopen in Palm Beach County on Monday
Richard Kayne, Founder and Co-Chairman of Kayne Anderson Capital Advisors, 5645 Military Trail Lake Worth Beach (Credit: Google Maps)

Kayne Anderson buys medical offices in Lake Worth Beach

Kayne Anderson buys medical offices in Lake Worth Beach
CapRate Commercial Real Estate Advisors’ Bill Berthiaume and Tropical Villas Apartments

Lake Worth Beach apartment complex sells for $10M

Lake Worth Beach apartment complex sells for $10M
Gov. Ron DeSantis (Credit: Josh Brasted/Getty Images)

Safer-at-home effective in South Florida until mid-April

Safer-at-home effective in South Florida until mid-April
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

Non-essential businesses ordered to close in Palm Beach and Broward counties

Non-essential businesses ordered to close in Palm Beach and Broward counties
arrow_forward_ios

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

Loading...