HGI Waves Goodbye to West Palm Beach Apartments
- Jul 30, 2015
An affiliate of Harbor Group International has sold an apartment community with the largest units in West Palm Beach. According to Yardi Matrix, Investors Management Group acquired the 217-unit CityView property for $20 million.
The property, which consists of 26 two-story residential buildings, was built in 1970 on an 11.8-acre lot and underwent an extensive $1.5 million renovation under prior ownership between 2010 and 2012. HGI acquired CityView in July 2013 for $12.8 million and completed another capital improvement program worth $1.5 million. Residents can choose from several different floor plans ranging from studio to three-bedroom apartment with up to two bathrooms, averaging 1,223 square feet per unit.
On-site amenities include two outdoor swimming pools, a clubhouse, laundry facility, management and leasing office, 434 parking spaces, a fitness center, and maintenance office.
The property was 96 percent occupied at the time of closing.Image source: Yardi Matrix