Developers sell two-year-old apartment complex for $24M

News / 04.15.20160 comments

The two-year-old Bridgewater at Lake Osborne apartment complex near Lantana sold for $24 million, according to a statement from the sellers.

Bridgewater Lake Osborne LLC, a partnership between Jupiter-based Index Investment Group and Palm Beach Gardens-based Eastwind Development, sold the 108-unit complex for BLO Investors, managed by Jared Brunnabend in Miami. It’s located at 2282 Lantana Road and has plenty of lake frontage.

The price equates to $222,222 per unit. The deal was financed for $17.5 million by the Atlanta office of the PrivateBank.

The 193,812 square feet of garden-style apartments and townhouses with garages were built on the 9.6-acre site in 2014. The community includes a pool, a boat ramp, and a playground. Rent starts at $1,579.

Article Written by: Brian Bandell  HERE

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