Mitchell Morgan Of Morgan Properties Acquires Multifamily Asset From Jacques Barbera For $69.95M In West Palm Beach

The property asset involved in the transaction is a multifamily apartment complex located at 4860 Sand Stone Lane in West Palm Beach. The sale price for this 300-unit complex, known as Visions at Willow Pond, is $69.95 million, reflecting a price per unit of approximately $233,167. The property is situated in a growing market for multifamily investments in Palm Beach County.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $69,950,000
• Buyer: Mitchell Morgan - Morgan Properties
• Seller: Jacques Barbera - Bar Invest Group
• Lender: Berkeley Point Capital
• Units: 300
• Price Per Unit: $233,167

This transaction marks a notable acquisition by Morgan Properties, as they continue to establish their presence in the multifamily market of Palm Beach County. The financing was secured through a loan from Berkeley Point Capital, which amounted to $49.86 million, facilitating the transaction between the two parties involved.