BUYER: Palmetto Equities LLC, Boca Raton
SELLER: Bayside Villas LLC
PROPERTY: 670 E. 20th Lane, Palmetto
PRICE: $1.6 million
PREVIOUS PRICE: $1.05 million, May 2013
LAW FIRM ON DEED: Law Offices of Scott A. Frank PA, Boca Raton
PLANS, DESCRIPTION: Boca Raton-based acquisition entity Palmetto Equities LLC purchased the 44-unit Bayside Villas in Palmetto for $1.6 million.
The price equated to $36,250 per unit.
The 38,440-square-foot apartment development, formerly known as the Highland Apartments, features 11 one-story residential buildings on an 8.5-acre site. It contains 10 one-bedroom/one-bathroom units and 34 two-bedroom/one-bathroom units. The property was roughly 95% leased prior to the sale.
Highland Apartments was built in 1986 under the U.S. Department of Agriculture Rural Development Rental Housing program, which placed low-income restrictions on its tenants and rent limits. However, when Jupiter real estate investor Joseph Biggins purchased it in May, the sale removed those restrictions.