Atherton-Newport pays $16.5M for apartments

Asset damaged by Hurricane Wilma last year

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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 tha...