Michael Swing of Green Tree Commercial, Inc. just closed on a 297 unit Portfolio in 44 & 100 Prewitt Village, 101 Pelican Lake & 3405 State Road 15, Belle Glade, FL.
Sapphire Belle, LLC paid $14 million for the 297 apartments portfolio. The deal comes out to about $47,139 per apartment. The seller is Belle Glade Investments, LLC.
The communities were built between 1970 and 1974 and include Prewitt Village with 75 units, Pelican Lake Village with 119 units, and Runyon Village with 103 units. The properties are zoned R-2, which allows for single-family up to four family (quadplex) buildings, and there is room to build more on each of the properties, plus the vacant parcel of 1.97 acres that is adjacent to Prewitt Village that was included in the sale and would allow for further development.
These rental properties are one of the largest rental communities in the area made up of 1, 2, and 3 bedrooms with very little competition. Most of the buildings in these complexes have gone through major capital improvements including roof replacements and road resurfacing. In addition, a million-dollar water treatment plant was built by the property owner to service two of the communities.
The three complexes consist of duplexes and single-family homes.
Due to the limited number of rental communities in the area, the properties are always full and usually have a waiting list.
The three communities are located between Lake Okeechobee and West Palm Beach.
"Because of the serious lack of inventory, investors are reaching out to rural areas such as Pahokee and Belle Glade to get a profitable investment opportunity", Swing stated.