Palm Beach Apartments Sell for $21M
- Apr 29, 2015
West Palm Beach, Fla.—Bayberry Apartments, a garden-style property in West Palm Beach, has traded hands for about $21 million. The seller was Fairfield Haverhill Commons, an affiliate of San Diego-based Fairfield Residential, while the buyer was BH Equities out of Des Moines.
The 222-unit community is about 97 percent occupied. Originally developed in the mid-1980s by John M. Corcoran Development, Bayberry Apartments, which is on about 19 acres, is comprised of one- and two-bedroom units averaging 902 square feet.
Common amenities include a clubhouse with a seating lounge, updated fitness center, pool area with sundeck, two lighted tennis courts, an outdoor lounge with barbecue area and a car care center. The property is also near such shopping venues such as The Gardens Mall and The Mall at Wellington Green.
ARA Newmark represented Fairfield in the deal. The company had purchased the property in 2004 for about $11.7 million.
Bayberry Apartments isn’t the only apartment community in South Florida that the company has sold recently. Previously, Abacus Capital bought the 268-unit Fisherman’s Landing in Coconut Creek from Fairfield for about $33 million.