Lake Worth Beach apartment complex sells for $10M

The Tropical Villas Apartments in Lake Worth Beach sold for $9.5 million, amid growing interest in the area’s multifamily market.

North Palm Beach Gardens-based Watermark Multihousing LLC sold the 68-unit apartment complex at 3440 Rudolph Road and 3431 Helena Drive for $139,705 per unit, according to a press release. Tropical Villas, LLC, led by Perez Investment Group, bought the property.

CapRate Commercial Real Estate Advisors’ Bill Berthiaume represented the seller in the deal, according to the release.

The apartments have recently undergone a $1 million renovation, and are fully occupied, Berthiaume said. The complex consists of two apartment buildings with 28 units in one and 40 units in the other. The two buildings are next to each other, on a 4.84-acre site.

The complex last sold for $5.1 million in March 2019, records show. The apartments were built in 1977 and 1979.

Amenities include a swimming pool with paved sundeck, basketball courts and renovated parking.

Lake Worth Beach has seen a wave of investor interest in multifamily and residential development in recent years as rents and home prices are rising in nearby West Palm Beach and Fort Lauderdale, forcing people to move further north and west.

In July, Southstar Capital Group of Boca Raton paid Greystar $47.8 million for a 214-unit apartment complex near Lake Worth Beach. Fort Lauderdale-based Affiliated Development is aso building The Mid, a Class A apartment complex on 16th Avenue and North Dixie Highway in Lake Worth Beach.