New York firm sells Palm Beach Shores apartment portfolio for $17M

Philip Pilevsky’s New York-based Philips International sold an 87-unit north Palm Beach County multifamily portfolio for $17 million.

Philips International, through two affiliates, sold nine properties along Bamboo Road and Claremont Lane in Palm Beach Shores, as well as along Surf Road in Riviera Beach. The buyer is CSA Seascape, linked to Coral Gables-based Arena Capital Holdings, according to records.

The buyer took out an $11.9 million mortgage from Bank Leumi.

The properties are older, two-story buildings constructed from 1955 to 1967, property records show. The deal breaks down to $195,402 per unit.

The Palm Beach Shores real estate consists of an eight-unit apartment building at 108 Claremont Lane and a next-door 10-unit building at 100 Claremont Lane, both on 0.2 acres, property records show. Also adjacent to each other are the six-unit building at 200 Bamboo Road; an 11-unit, three-building property at 124 Bamboo Road; a 13-unit, three-building property at 112 Bamboo Road; and an eight-unit building at 106 Bamboo Road. On the north side of the street is the 14-unit, multi-building property at 135 Bamboo Road, and the six-unit building at 337 Bamboo Road, records show.

The only property in Riviera Beach is the 11-unit building at 3021 North Ocean Drive.

The properties last traded for a combined $11.7 million from 2014 to 2016, and then were transferred to Philips International’s affiliates in subsequent years for a nominal amount, according to records.

Philips focuses on purchases, development and management of commercial and residential real estate.

The deal comes amid a hot multifamily market, largely fueled by demand from South Florida transplants. This has pushed up rents to unprecedented levels and prompted a flurry of investment sales. 

In another deal this month, Boston-based Boutique Hospitality bought a Wilton Manors apartment building for $7.8 million.