Lorry Trans

Main Menu

  • Home
  • Trucking
  • Cargo
  • Shipping Transport
  • Air Freight
  • Capital

Lorry Trans

Header Banner

Lorry Trans

  • Home
  • Trucking
  • Cargo
  • Shipping Transport
  • Air Freight
  • Capital
Capital
Home›Capital›$ 38 million in new funding for older Palm Beach County apartment complexes

$ 38 million in new funding for older Palm Beach County apartment complexes

By Michael K. Davidson
April 19, 2021
0
0


Newmark Knight Frank vice president Fernando Riboli in Boca Raton. Courtesy photo

An out-of-state real estate investor and developer has secured $ 38.1 million to fund its value-added improvement strategy for two apartment communities in Palm Beach County.

Federal Capital Partners, based in Chevy Chase, Md., Secured the loan about two months after acquiring Costa Del Lago apartments west of Lake Worth Beach and Coronado Springs East in Palm Springs.

Newmark Knight Vice President Frank Fernando Riboli in Boca Raton and Executive Managing Director Matthew Williams in Tampa closed the transaction on December 20 on behalf of Federal Capital Partners.

The company acquired the two three-story properties last October, according to Palm Beach County property records. These are older multi-family developments. Costa Del Lago was built in 1972 and Coronado Springs in 1985.

The funding is to give Federal Capital an “opportunity to execute its value-added strategy while taking advantage of the strong job and population growth in Palm Beach County,” Riboli said in a press release.

The 218-unit Costa Del Lago sits on 19 acres southeast of Congress Avenue and 10th Avenue North at 2508 10th Ave. N. The 151 unit Coronado Springs East is northeast of Military Trail and Purdy Lane at 555 Kirk Road.

“The communities provide affordable, quality housing options for tenants in the area, and they represent great additions to FCP’s growing portfolio of multi-family properties in Florida,” Riboli said in an email.

Multi-family properties in South Florida are one of the strongest real estate categories, attracting the attention of investors who, like Federal Capital Partners, execute value-added strategies. Much of the new investment has focused on suburbs with garden-style communities.

The multi-family is doing well given the region’s population growth and the fact that residents no longer have a price tag for buying a home.

Added value typically means investors buy older assets in a growing market, upgrade it, and raise rents for higher returns.

Riboli declined to say whether rents in Costa Del Lago and Coronado Springs East would increase once the improvements are complete.

Costa Del Lago offers one, two and three bedroom units with rents ranging from $ 1,050 to $ 1,500, according to the community site. Coronado Springs East offers one and two bedroom units with two bedrooms ranging from $ 1,100 to $ 1,250, according to the community site.

The transaction amounts to $ 103,225 per unit.

Related stories:

Best Deals: Hot Hotel Market Leads With Staggering Deals


Related posts:

  1. Vatican appeal: Pope Francis congratulates Joe Biden on presidential election
  2. Covid-19 prompts Koi to consider abortion
  3. Specta records milestone for N100bn consumer loans
  4. EU refuses to bail out Montenegro’s loan to China
Tagspress releasevice president

Recent Posts

  • Bamberg Airport plays a part in Aviation Week |
  • Rithm Capital Corporation (NYSE:RITM) Receives Average “Moderate Buy” Recommendation From Brokerages
  • Receiver scrambles to make truckers pay after CoreFund Capital abruptly shuts down
  • Low water levels mean the Rhine is days away from being closed for freight | Germany
  • How China’s military drills around Taiwan will disrupt global shipping

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021

Categories

  • Air Freight
  • Capital
  • Cargo
  • Shipping Transport
  • Trucking
  • Terms and Conditions
  • Privacy Policy