The SVN Commercial Partners (SVNCP) Multifamily Team, comprised of Team Leaders Steven Paulsen, John Andrews and Junior Advisor Mason Highman, represented the seller in the sale of 2915 Broadway, an 8-unit property with a mix of studio and one bedroom apartments in West Palm Beach listed at a 4.8% cap rate.
The $1,250,000 transaction closed May 31, which equated to $156,250 per unit.
The Apartments on Broadway is bordering the highly desired Old Northwood Historic District Neighborhood, and features frontage along a rapidly changing section of US-1. Being only four blocks to the walkable historic and bohemian Northwood Village gives residents easy access to the heart of the city’s entertainment.
“We are pleased to transact this underlying growth opportunity in the Old Northwood Historic Neighborhood of West Palm Beach, which is in the path of development,” said Andrews. “This sale represents the continued frenzied demand for multifamily in South Florida.”
“Our Multifamily Partners team continues its successful track record in the South Florida market,” commented Paulsen. “This transaction was the 26th closing we have had in the past 2 years, which is a combination of the strong market conditions and highlights our collaborative approach.”