Ilker Ozturk And Partners Acquire Multifamily Portfolio In West Palm Beach For $5.88M

The multifamily asset involved in this transaction is located at 1601 Windorah Way in West Palm Beach, featuring 36,000 square feet. The property was sold for $5,880,000, resulting in a price per square foot of $163. It comprises 40 units, with an average price per unit of $147,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,880,000
• Square Footage: 36,000
• Price per Square Foot: $163
• Number of Units: 40
• Average Price per Unit: $147,000
• Buyer: Ilker, Irmak & Kayla Ozturk, Erhan Ula, Lewis Cunningham, Asli Tokatli, Selin Demircan, Cemile Sunay, Erel Papo, Aylin Cetindag, Guliz Ercan, Serdar Celik, Levent Erkan, Nilay Inal, Selim Asena, Evrim Sen, Berk Erner, Zehara Elif Kacar Gorsev, Suzet Baycu & Eda Aykut Aydin
• Seller: Lemar Inc- Lisa Hinter & Boca Raton West- Alexa Hinter
• Seller's Representative: Laurie Davies & David Joseph - The Keyes Company
• Note: 40 unit portfolio in the communities of Palm Beach Place and Palm Beach Grande in West Palm Beach.

The transaction involved a diverse group of 15 buyers acquiring the property from the sellers, who are represented by Laurie Davies and David Joseph of The Keyes Company. The portfolio comprises specific pricing for the units, including two 1-bedroom, 1-bathroom units at $115,000 each, 24 two-bedroom, two-bathroom units at $145,000 each, and 14 three-bedroom, two-bathroom units at $155,000 each.