Southport picks up affordable rental community in GreenacresMay 2, 2018 11:01 am
Original Source: www.therealdeal.com
By: Amanda Rabines
Southport Financial Services bought yet another affordable apartment complex in Palm Beach County, this time in Greenacres.
Property records show Southport affiliate SPRJ Chelsea Commons LLC paid $31.5 million for the 210-unit Chelsea Commons affordable housing apartment community at 101 Pine Circle.
The seller, Chelsea Commons Limited Partnership, is led by Green Companies’ James Bernstein. Previous sale information was not available online.
The price for Chelsea Commons breaks down to $150,000 a unit. Records show Southport financed the deal with a $22 million loan from Jones Lang LaSalle Multifamily.
The rental community, built in 1988, surrounds a 4-acre lake. It sits on about 27 acres east of South Jog Road and south of Melaleuca Lane. Amenities include a pool and clubhouse.
The trade comes at a time when Palm Beach County has been trying to encourage more development of affordable and workforce housing amid rising home prices and rents.
Southport has been busy picking up affordable rental communities in the county. Earlier this year it paid $15.8 million for the Marina Bay Apartments in Lantana and $12.6 million for the 130-unit Colony Park rental community in West Palm Beach.