Built in 1974, The Fountains features multifamily units averaging 999 square feet. The new owner has the opportunity to enhance the multifamily units by updating interior finishes and enhancing the existing community amenities including three resort style swimming pools, dog parks, clubhouse with fitness center and ample outdoor green space.

“Proximity to the Everglades to the west, and the Atlantic Ocean to the east have created natural barriers to entry,” Beebe says. “The result is a limited supply of housing in the rental and for-sale market. Multifamily deliveries are well behind demand creating very tight occupancies and an extremely healthy and sustainable market for real estate investors.”

The major employment in Palm Beach Gardens is literally minutes from property and employment to the North and South is accessible through Interstate 95, located in three minutes away. The Gardens Mall and Downtown at the Gardens, only minutes from the property, are two of the top entertainment and retail venues in Palm Beach County. The closest entertainment options include the Gardens Park, which boarders the property to the South, and Downtown at the Gardens, located only five minutes down PGA Boulevard.

“Palm Beach Gardens continues to gain momentum as one of South Florida's top performing, highest barrier to entry and most affluent submarkets,” Beebe says. “The Fountains is ideally located in the center of everything. The property's AAA location and Advenir's planned interior and exterior rehab program will generate top of the market rental growth for this asset.”

Is this the dark horse to watch in South Florida's multifamily market? Read this and sound off. And… Did the 2017 South Florida Multifamily Market Live Up to the 2016 Hype?