Atherton-Newport LLC today announced it acquired a 192-unit apartment complex in West Palm Beach, Fla., for $16.5 million.
The Irvine, Calif.-based real-estate investment and development company acquired the asset from Homes for America, and plans to update and reposition the property to garner returns for investors.
The property, Country Lake Apartments, is located at 6010 Sherwood Glen Way on approximately 24 acres. Built in 1985, it consists of 24 two-story apartment buildings, one clubhouse/leasing office, and includes a swimming pool, community lake, fitness center, clubhouse, tennis and basketball courts, tot-lot, and lakefront and barbeque areas.
The complex features a majority of two-bedroom, two-bath units and smaller percentages of one-bedroom, one-bath and three-bedroom, two-bath units.
To leverage its potential, Atherton-Newport will renovate the existing apartments with approximately $1.8 million in interior and exterior capital improvements. In addition, 16 units that have been unoccupied since Fall 2005 due to damage by Hurricane Wilma will be refurbished and brought to market. Repositioning plans will include exterior building painting, leasing office renovation and landscape improvements. Plans also call for the repair of parking lots, fences, gates, tennis and basketball courts, roofs, stucco and landings.
Earlier this year, Atherton-Newport acquired its first properties in the state of Florida with the $26.7 million and $15.4 million purchases of two multi-family apartment communities in Miami. In addition to Florida, Atherton-Newport is currently targeting investment opportunities in greater New York and Washington D.C., in addition to its western United States activities primarily in the Southern California, greater Las Vegas and Seattle markets.