PALM BEACH, FL—Even as class A multifamily construction rises from the dirt in cities across South Florida, investors are still eyeing class B and C opportunities in the Tri-County area. And, in fact, Palm Beach multifamily is making its way on more investor radar screens all the way around.

The latest example is Vista Pointe, a 314-unit multifamily community spanning 238,862 gross square feet in Palm Springs, FL. Avesta Real Estate Fund I acquired Vista Pointe from Riverfront Capital for $18.11 million. CBRE represented the seller in the transaction. Neither Avesta or Riverfront could immediately be reached for comment on the deal.

“Vista Pointe presents an exceptional value-add opportunity,” says Calum Weaver, a first vice president in CBRE's Multi-Housing Private Capital Group. “Throughout South Florida investors are seeking Class B and C properties that can be repositioned to attract higher rents.”