Uptown 22 apartment complex in West Palm sells for $41M

Deal equates $164K per unit

Miami /
Aug.August 06, 2021 09:45 AM
Uptown 22 apartment complex in West Palm sells for $41M

Google Street View of Uptown 22 apartments in West Palm Beach at 2210 North Australian Avenue (Google Maps)

Grand Peaks Properties sold the recently renovated Uptown 22 apartment complex in West Palm Beach for $41.4 million.

Records show the Denver-based multifamily investor sold the 252-unit property at 2210 North Australian Avenue.

Buyers Uptown 22, Uptown 22 II and Uptown 22 III are managed by Jacques Schmidt and Abraham Weber, who are with computer systems design firm Schweb Partners, based in Jackson, New Jersey. Each of the buying entities acquired a percentage of the property, records show.

The deal breaks down to $164,286 per unit.

Jaret Turkell and Omar Morales of Berkadia represented the seller in the deal.

Uptown 22, built in 1997, originally was an assisted living facility before it was turned into an apartment complex, according to Berkadia’s offering memorandum. The complex has two six-story residential buildings, all with one-bedroom units, on 8 acres.

Grand Peaks Properties bought the property for $21.4 million in 2018, records show.

The company, founded and led by CEO Luke Simpson and President Nick Simpson, completed more than $5.5 million in capital improvements, including a new pool that opened in March. That has driven up rents by 15 percent, with recent leases signed for $1,249 a month, according to the offering memorandum.

The property offers more upside potential, as there is a roughly 6,000-square-foot unused dining hall, which was left from the ALF and could be turned into retail or office space. The dining hall, which includes a fully equipped kitchen, could be leased to a ghost kitchen or used as added amenities for residents, the offering memorandum says.

The deal comes on the heels of several Palm Beach County multifamily sales. Cortland just bought a new apartment community in Boca Raton for $230 million, marking the most expensive multifamily sale in South Florida this year.

In February, ZOM sold an apartment complex that it recently developed in West Palm Beach for $48.3 million.

Also, real estate investor and motivational speaker Grant Cardone bought a Boca Raton complex in May for $69 million.





    Related Articles

    arrow_forward_ios
    Affiliated Development’s Nick Rojo and Jeff Burns with a rendering of 2501 Spruce Avenue (Affiliated Development, Rinka)
    Affiliated aiming higher on West Palm rental project
    Affiliated aiming higher on West Palm rental project
    Two Roads Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House (Two Roads Development, Frisbie Group, The Boundary with Noe & Associates, Getty)
    Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
    Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
    The property at 15998 Walgreens Drive near Jupiter with MG3 Group’s Marcelo Saiegh, Gustavo Bogomolni and Hernan Leonoff (CBRE, MG3 Developer)
    MG3 drops $78M for Walgreens distribution facility near Jupiter
    MG3 drops $78M for Walgreens distribution facility near Jupiter
    13th Floor Investments' Arnaud Karsenti and Key International's Inigo Ardid and Diego Ardid with rendering of southwest corner of South Congress Avenue and Old Germantown Road (13th Floor Investments, Key International)
    13th Floor JV nab $102M construction loan for Delray project
    13th Floor JV nab $102M construction loan for Delray project
    Sean Hannity with 9 Sloans Curve Drive (Getty, Google Maps)
    Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
    Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
    404 East Coconut Palm Road in Boca Raton (Google Maps, Getty)
    Waterfront Boca Raton spec mansion sells for $19M
    Waterfront Boca Raton spec mansion sells for $19M
    (Illustration by The Real Deal; Getty)
    Residential sales fall 30% across South Florida
    Residential sales fall 30% across South Florida
    (Illustration by The Real Deal; Getty)
    North Palm Beach caps height of two-story homes
    North Palm Beach caps height of two-story homes
    arrow_forward_ios

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

    Loading...