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Rosen Equities picks up West Palm Beach apartments for $6M
Billionaire Jeff Greene is seeking to build a number of condo projects in the same Northwood neighborhood
UPDATED, Oct. 24, 11:03 a.m.: Billionaire Jeff Greene isn’t the only developer buying property in West Palm Beach’s Northwood neighborhood.
Rosen Equities Group purchased a 39-unit West Palm Beach apartment complex for $6.1 million, records show. The Brooklyn-based real estate investment firm purchased The Charmer Apartments & Villas at 345 30th Street in Northwood for $156,410 per unit, records show.
Parkland Companies, led by Neil Kozokoff, sold the property.
The apartment complex consists of a one-story, eight-unit building as well as a three-story, 31-unit building. The apartments range from studios to a two bedrooms, with 434 square feet to 1,336 square feet. Rents for one-bedrooms start at $1,265 per month, according to its website.
Evan P. Kristol and Brandon J. Rex of Marcus & Millichap represented the seller in the deal. Martin Goldstein and Russell Goldstein of The Goldstein Group represented the buyer.
The apartments are 100 percent occupied, according to Kristol. He said the buyer will continue to operate the property as rentals, and the interiors of the buildings were recently renovated.
Kozokoff bought the 31-unit apartment complex in 1998 for $725,000, and the eight-unit building the same year for $150,000, records show. The buildings were constructed in 1939 and 1957, respectively.
Much of Northwood, which is located in the northern part of the city, is owned by Greene, a real estate developer and former Florida gubernatorial candidate. Greene owns 20 acres near the waterfront Currie Park and is seeking to build several high-rise condominium buildings as tall as 38-stories.