Monday, April 25, 2005
by Ed Duggan
The Strand, a 15-story, 275-unit Intracoastal-view rental project in downtown West Palm Beach, has been sold to Atlanta-based Margolias Realty Group for $91 million, or an average of $330,909 a unit.
Margolias’ offer topped 40 others for the sought-after property at 255 Evernia St., just across from Lake Worth.
Avery Klann and Marc deBaptiste, in the Boca Raton office of Apartment Realty Advisors, represented the sellers, Chicago-based American Land and Cornerstone Real Estate Advisors.
“Demand for waterfront properties in downtown West Palm Beach is unprecedented,” Klann said. “It’s an ideal condominium conversion.”
The community was completed in 2002 and is currently valued on the Palm Beach County tax roll at $32.6 million.
How hot is the demand? Blistering, according to deBaptiste.
“Condo converters continue to blaze the trail as the highest bidders in the South Florida market,” he said. “The neighborhood of the Strand is in one of the fastest-growing areas in the country,” he said.
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