Southport Financial Services Aquires Marina Bay Apts

Southport Financial Services acquired the Marina Bay apartments at 2400 Lantana Rd. in Lake Worth, FL from Marina Clinton Associates for $15.85 million, or about $83,000 per unit.

The four-story, 192-unit affordable housing community was delivered in 2001 and offers a mix of one-, two- and three-bedroom units. It totals 153,600 square feet and is located in the Outer Boynton Beach submarket of Palm Beach County. Amenities include a clubhouse, business center, swimming pool with sundeck, courtyard with BBQ/picnic areas, a fitness center, on-site laundry facilities and a playground.

“With a strong operational trend over the past 24 months, averaging less than 1.25% economic loss, Marina Bay proved to be a great investment opportunity for the buyer,” said Richard Tarquinio, senior vice president with CBRE in Boca Raton, FL. “We have seen an increase in investor interest in the Palm Beach multifamily market in the last few years. Lantana’s sustainability resolutions and ongoing revitalization efforts-along with an abundance of undeveloped industrial and commercially-zoned properties make it an attractive opportunity for investors.”

Timothy Flint with CBRE’s affordable housing team in Seattle worked with Tarquinio in representing the seller on the sale. The buyer handled the deal in-house.

Please refer to CoStar COMPS #4095735 for more information on this transaction.

Source: Southport Financial Services Aquires Marina Bay Apts