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| The Strand Apartments, West Palm Beach, FL |
West Palm Beach, FL — The Boca Raton, FL office of Atlanta-headquartered ARA, the largest
privately held, full-service investment advisory brokerage firm in the nation
focusing exclusively on the multihousing industry, announces the sale of 166
available units in The Strand, a 275-unit luxury high-rise multihousing
community located in downtown West Palm Beach in Palm Beach County.
ARA South
Florida-based Principals, Avery Klann and Marc deBaptiste, along
with Senior Vice President, Hampton Beebe, represented Boston-MA-based
Cross Harbor Capital Partners in the transaction.
The MORE Group, a Delray Beach, FL-based multifamily
organization led by Principal Victoria Wood, provided asset management
advisory services for The Strand.
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| Jeff Greene |
Palm Beach resident Jeff
Greene purchased the property for $28,500,000 and plans to continue to rent
out the units, which are currently 95% occupied.
“As one of the last remaining fractured condominiums in
South Florida, the buyer saw the intrinsic value of this trophy property,”
noted Avery Klann, lead broker on the deal.
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| Avery Klann |
“In addition to spectacular water
and cityscape views, the property is located within the Clematis District,
which offers numerous fine dining and shopping opportunities and major employment
centers are also just minutes away. ”
Constructed in 2002,
The Strand features high-quality concrete block construction, high-rise design,
controlled access garage parking, wide array of floor plans and a myriad of
community amenities.
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| Marc deBaptiste |
The property stands out as one of the few waterfront
communities in downtown West Palm Beach featuring unobstructed views of the
Intracoastal Waterway, Palm Beach Island and the Atlantic Ocean.
The 15-story
building includes 9’3” and 10’5” ceilings and a six-story enclosed garage
parking structure.
For a complete copy of the company’s news release, please
contact:
Lisa Robinson at lrobinson@ARAusa.com,
678.553.9360
Amy Morris at amorris@ARAusa.com, 678.553.9366;
locally, Marti Zenor, at mzenor@ARAusa.com
or 561.988.8800.
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