Pinnacle sells affordable housing in West Palm to Fairfield Residential

Fairfield Residential paid $123K per apartment
By Keith Larsen | July 25, 2019 12:30PM

Pinnacle partner David O. Deutch and Abbey Park at 1921 Abbey Road

Pinnacle partner David O. Deutch and Abbey Park at 1921 Abbey Road

Affordable housing developer Pinnacle sold an affordable housing complex in West Palm Beach for $19.7 million, signaling the growing investor demand for affordable housing in South Florida.

San Diego-based Fairfield Residential acquired Abbey Park, a 160-unit community at 1921 Abbey Road, for about $123,000 per unit, records show.

The property features 11 two-story buildings with a mix of 112 two-bedroom units and 48 three-bedroom units.

Community amenities include a business center, clubhouse, library, fitness center, swimming pool, barbecue and picnic areas, and two playgrounds. The property is currently 100 percent occupied, according to a release.

CBRE was the listing agent for the nearly 11-acre property. It was completed in 2003.

In South Florida, Pinnacle owns more than 4,000 units, including the 272-unit LaVida Apartments in the Blue Lagoon commercial park. The company is building Caribbean Village, a 123-unit affordable, senior living community in South Miami Heights.

Late last year, Pinnacle scored $31.2 million in financing to build Verbena, a 110-unit affordable housing development in Leisure City’s Modello neighborhood in south Miami-Dade County.

Fairfield is a national apartment developer that has built or acquired over 880 multifamily communities with more than 253,500 apartments across the country.