Boca Raton-based Eretzor Group bought West Palm Beach apartments for $6 million, marking an exponential price jump in eight months, as investors’ appetite for South Florida multifamily projects continues unabated.
Eretzor Group investment fund IV bought the 10-unit property at 2700 Broadway from a Boca Raton-based entity led by Rhahime Bell, according to a deed. The buyer took out a $4.1 million loan from Banesco USA for the property.
The property includes a two-story building, constructed in 1928, according to Loopnet.com.
It is one of the locations for the Palm Beach Recovery Center, an addiction treatment facility, according to the organization’s website.
Property records show the purchase also includes an adjacent one-story, U-shaped building, constructed in 1952 on 0.3 acres. Combined, the purchase totals 7,286 square feet of real estate on 0.8 acres.
The seller, That’s My Partner LLC, paid $850,000 for the property in July.
Eretzor Group is a property investment subsidiary of Stateland Brown Real Estate, a residential and commercial brokerage operating in Boca Raton since 2006. Daniel Statlander is founder and CEO of Stateland Brown.
The South Florida multifamily market has been booming, creating an investment appetite for deals big and small. Multifamily sales in the tri-county region hit a record $11.4 billion in 2021, more than double the previous record of $5.5 billion in 2016, according to a report from Cushman & Wakefield.
The West Palm property Eretzor bought is north of downtown West Palm Beach, where Estate Companies paid $15.8 million for an apartment development site in December.
Also in December, Riverside, California-based Kingdom Development’s affiliate NeuRock Capital bought three West Palm rental complexes for $59.3 million.