Village Place offers 202 units with gated access and resort-style amenities
West Palm Beach, FL – September 23, 2014 – (RealEstateRama) — CBRE has been engaged to market a 202-unit apartment community with resort-style amenities in West Palm Beach, FL. Spanning 11.6 acres at 2111 Brandywine Road, Village Place offers an opportunity to acquire a top-performing, fully stabilized asset with value-add potential.
“Several other properties within the same submarket have undergone successful renovations to drive rent growth. With upgrades at Village Place already underway and the opportunity for still more improvements, this asset offers an investor tremendous potential for above market returns,” said CBRE’s Robert Given.
Situated within the Villages Planned Unit Development and overlooking the Bear Lakes Country Club, the two- and three-story, CBS-constructed property features gated access, a low-density setting of 17 units per acre, and units with vaulted ceilings. Units average 952 square feet for a community-wide total of 192,214 rentable square feet.
Eighty-three units are being updated with stainless appliances, new countertops and cabinet fronts, and enhanced flooring and lighting. A location within the planned unit development offers membership use of three private parks/recreation facilities. Onsite amenities also include a pool, fitness center, multi-use court, and computer lounge.
The community is roughly one mile from I-95 and just five minutes from the major employment center of downtown West Palm Beach, which boasts over 6.5 million square feet of office space and more than 37,000 jobs.
CBRE’s Mr. Given is joined by Zachary Sackley, Gerard Yetming, and Neal Victor of CBRE Capital Markets, Multifamily, collaborating with Charles Foschini and Christopher Apone of CBRE Debt & Structured Finance.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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