Morgan buys 300-unit apartment complex near West Palm Beach for $70M
Morgan Properties bought a 300-unit apartment complex near West Palm Beach for nearly $70 million, amid an uptick in South Florida multifamily investment sales. Conshohoken, Pennsylvania-based Morgan purchased the gated garden-style property at 4860 Sand Stone Lane in unincorporated Palm Beach County from Miami-based Bar Invest Group, according to records and real estate database Vizzda. The deal breaks down to $233,167 per unit. The buyer paid $69.95 million for the complex and financed it with a $49.9 million Freddie Mac loan. The complex, called Visions at Willow Pond, consists of 17 two-story and three-story apartment buildings, a clubhouse and one […]This article originally appeared on The Real Deal. Click here to read the full story.
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