Stephen Ross Of Related Ross Acquires 27 Condos At Southbridge In West Palm Beach For $25.4M

A condo asset located at 3915 South Flagler Drive in West Palm Beach was sold for $25.4 million. An affiliate of Related Ross, Southbridge Acquisitions, acquired 27 condos at the Southbridge building, contributing to their control of 45 of the 63 units available in the development. This acquisition is part of a larger trend in which developer-driven condo buyouts are occurring as land values surpass those of aging buildings amidst increasing regulatory costs.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $25,400,000
• Buyer: Stephen Ross
• Seller: Individual owners
• Location: 3915 South Flagler Drive, West Palm Beach
• Total Units Controlled by Buyer: 45 out of 63
• Total Investment by Buyer: $37.3 million

This transaction highlights the involvement of Stephen Ross, who is affiliated with Related Ross. The acquisition of these condos marks a significant step in Southbridge Acquisitions' ongoing strategy to consolidate ownership in the area along the Intracoastal Waterway, reflecting current market trends in real estate development.