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| St. Andrews Palm Beach Condos in Florida |
MIAMI, FL - Atlantic|Pacific Development (A|P development),
the development subsidiary of Atlantic|Pacific Companies (A|P), is pleased to
announce that on Thursday, October 16, 2014, they sold 337 units located at St.
Andrews Palm Beach in Florida.
St. Andrews Palm Beach, located at 1081 Benoist Farms Road,
is a 770-unit multi-family property acquired by St. Andrews Palm Beach Limited
in 2005 and subsequently underwent a major capitol renovation post closing.
During the renovation, A|P Management managed the property and A|P Development
re-developed the property.
"About midway
through the sale cycle, the global economic crisis had an immediate impact on
the sales velocity, and as a result, the ownership decided to re-lease the
apartments in an effort to support the underserved work-force housing demand in
Palm Beach County," said Alex Lastra Senior Managing Director for A|P
Development.
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| Alex Lastra |
The buyer was an entity controlled by Pacifica Companies
from San Diego, CA. Shortly after the renovation was complete, the units were
marketed and individually sold.
As the economy has taken shape, A|P was able to
sell the remaining 337-units which provided the ownership with a significant
gain on their initial investment.
For more information about A|P and A|P Development, visit www.apmanagement.net.
For a complete copy of the company’s news release, please
contact:
Jessica Wade Pfeffer | Jessica Wade Inc.
jessica@jessicawadeinc.com
| 305.804.8424
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