Franklin Street has arranged the sale of Jupiter Palms, a 30-unit, 18,872-square-foot multifamily property in Jupiter, Florida, for $5.8 million, or $307.37 per square foot. The property was 100 percent occupied at the time of sale, providing a fully stabilized, turn-key investment in one of South Florida’s most affluent and in-demand rental markets.
Franklin Street’s South Florida Multifamily Investment Sales Team of Dan Dratch, Ryan Wold, and Greg Matus arranged the transaction between two private South Florida-based investors. Franklin Street’s Joseph Landsberg arranged financing for the buyer, while Bradley Cassidy and Evan Seacat secured the buyer’s insurance policy.
“Jupiter Palms is just one more example of how hot South Florida’s multifamily market has become,” said Dratch. “We received over 10 qualified offers within two weeks of bringing this property to market and quickly closed at full list price.”
Seacat, added: “The collaboration between our investment sales, capital advisory and insurance business lines allowed for a seamless transaction on behalf of both parties that has already resulted in additional business from the buyer.”
Built in 1979, Jupiter Palms features an attractive unit mix of 28 two-bed, two-bath units and two one-bed, one-bath units. All apartments have recently received new kitchen cabinets and countertops as well as new bathroom fixtures and finishes, and a majority of units have received new A/C units. Exterior capital improvements include new sprinklers, new paint, lush tropical landscaping, perimeter fencing and a complete reseal of all roofs.
Situated on 1.7 acres, the property features onsite laundry, private backyard courtyards for each unit, ample parking for tenants and guests. At 1600 Center Street, the property is just blocks away from the water and within close proximity to numerous retail and dining options.