A multifamily community in Port St. Lucie, Fla., has sold for $13.6 million, according to Marcus & Millichap, which represented the seller in the transaction.
The sales price represents $59,130 per unit and $49 per square foot.
Hillmoor Village is located at 1924 S.E. Hillmoor Village Drive, in Port St. Lucie. The complex consists of two phases with the first phase (120 units) built in 1991, and the second phase (110 units) built in 1994.
The asset is an existing Section 42 Low Income Housing Tax Credit (LIHTC) property with extended use restrictions in place through 2021 for the first phase and through 2024 for the second phase. Hillmoor Village is a Class B property featuring three-bedroom flats and townhomes, and amenities commensurate with competing properties in the submarket.
The selling entity was a partnership between a Georgia-based developer as the general partner and a national investment firm as the limited partner. The buyer was a private individual from Southern California in a 1031 exchange.
Port St. Lucie has been recognized as one of the fastest-growing cities in the nation. People have migrated toward the city and surrounding communities because of the relatively lower cost of living, overcrowding in overpopulated cities and its location in the midst of Florida’s booming economy.
Encino, Calif.-based Marcus & Millichap is a large commercial real estate brokerage focusing exclusively on real estate investments.
What’s your opinion? Send your Letter to the Editor to firstname.lastname@example.org.