Investors dump Palm Beach property

Marcus & Millichap completed the sale of the Royal Lake Apartments in West Palm Beach, Fla. 

The value of the transaction was $14.5 million.

The 180-unit apartment community is a lakefront property located at 719 Executive Center Drive. The property was constructed in 1973 and has been extensively renovated recently. The sale includes 166,815 rentable square feet situated on five acres. Royal Lakes' unit mix is comprised of 30 one-bedroom, 90 two-bedroom and 60 three-bedroom apartments, ranging in size from 775 to 1,080 square feet.

At the time of sale, occupancy was 95 percent.

A group of Atlanta investors sold the property to a West Palm Beach investor.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

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