Raia Properties Acquires West Palm Beach Multifamily For $48.3M

Located in West Palm Beach, the multifamily property at 1990 Augustine Road was recently sold in a closed transaction. The property, consisting of 179 units and spanning 196,683 square feet, was sold by ZOM Living, represented by Greg West. The buyers, Raia FL Azola TIC I LLC, Raia FL Azola TIC II LLC, and Raia FL Azola Sands LLC, were represented by Samuel A. Raia from Raia Properties. The sale took place on February 19, 2021, and the property was sold for a total price of $48,300,000. With a price per square foot of $246 and a price per unit of $269,832, this multifamily asset presents an attractive investment opportunity in the West Palm Beach market.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $48,300,000
• Date: 02/19/2021
• Address: 1990 Augustine Road
• Market: West Palm Beach

The buyers, Raia FL Azola TIC I LLC, Raia FL Azola TIC II LLC, and Raia FL Azola Sands LLC, are represented by Samuel A. Raia from Raia Properties. On the other hand, ZOM Living was represented by Greg West. With its prime location in West Palm Beach and its appealing price per square foot and unit, this transaction showcases the strong interest in the multifamily market in the area.