West Palm Beach Apartments Trade Hands
- Jul 23, 2013
West Palm Beach, Fla.—Harbor Group International LLC (HGI) has acquired the 217-unit CityView Apartments in West Palm Beach for $12.8 million from 500 N. Congress Ave. LLC. HGI plans to invest an additional $1.45 million to make improvements at the property.
CityView was originally developed in 1970, and in the early 2010s underwent a $1.5 million renovation. The property consists of 26 two-story residential buildings, a laundry facility, a management and leasing office, which houses a fitness center and maintenance office, as well as two outdoor swimming pools. There are washer/dryer connections in 96 units and all units have either a patio or balcony.
The property’s units are the largest in the submarket, according to the buyer, averaging 1,223 square feet each. All together there are one studio unit, 48 one-bedroom units, 140 two-bedrooms and 28 three-bedrooms. CityView sits on 11.8 acres and has 410 on-site parking spaces.
The acquisition is the latest in HGI’s investment activity in major Florida markets. In 2012, the company acquired Sun Lake, a 600-unit apartment community in Orlando for $40 million, and a portfolio of three properties totaling 1,218 units in Fort Lauderdale, West Palm Beach and Orlando for $99.7 million.
Currently, Norfolk, Va.-based HGI’s holdings include more than 9.5 million square feet of commercial space and about 24,500 apartment units. The boutique advisory firm BlueGate Partners LLC, with offices in New York, Chicago, and Palm Beach, represented 500 N. Congress Ave. LLC in the sale of CityView.