Jay H. Massirman, a broker involved in the transaction, says this property--which is located on 14.2 acres at 1575 S.W. 8th St.--drew strong interest from investors, with more than a dozen offers.<p."There was a tremendous amount of interest in the property," Massirman, senior vice president of CB Richard Ellis, tells GlobeSt.com. "This property is extremely well-located," close to Interstate 95, he adds. "It bridges the gap between employment in Downtown West Palm Beach and Boca Raton."
Other draws to the property, he says, include its "very good" mix of units, high quality and the fact that several properties in town are being converted to condominiums, including Tuscany and Mariners Cove, shrinking the rental market.
Massirman adds in a statement: "Demographic trends favor apartment owners as demand for rental housing continues to increase. Furthermore, pricing of urban single-family housing is on the rise, which further adds to the demand for rental housing. Over the past year, Palm Beach County has posted South Florida's strongest demand performance. The solid multifamily fundamentals and a positive long-term forecast led to strong investor interest for the Alta Chase apartments."
Alta Chase was developed by Wood Partners last year. The units are an average of 1,139 sf and rent for about $1 per sf on average. The community features include a putting green, a 24-hour fitness center with pool view and detached garages. The units include 9-ft ceilings capped with two-piece crown molding, raised panel cabinetry with metal pulls, grand walk-in closets, Berber carpet, ceiling fans and large-capacity washers and dryers. The property was 95% occupied at the time of the sale.
Massirman and Denny St. Romain, director of LJ Melody, advised Wood Partners in the sale.
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