New York firm buys West Palm Beach apartment complex for $84M
Posted by SVN Waterfront on
The Cottonwood West Palm Apartments in West Palm Beach were sold for $85.3 million.
CC West Palm LLC, an affiliate of Salt Lake City-based Cottonwood Communities, sold the 245 apartments at 7100 Okeechobee Blvd. to PP CWPB Investors LLC, care of New York-based Pantzer Properties. CBRE Capital Markets provided the buyer with a $50.02 million mortgage that matures in 2029. Property data firm Vizzda confirmed the buyer and seller information.
The price equated to $340,816 per unit.
The apartment complex last traded for $66.92 million in 2019, so it had a nice gain in value. That’s a reflection of the sharp increase in rents in Palm Beach County over the past five years.
However, the recent rise in interest rates has depressed the value…
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