FF Colony Park LLC Acquires West Palm Beach Multifamily Property For $12.6M

The 130-unit Colony Park rental community located at 8215 Belvedere Road in West Palm Beach was sold for $12.6 million. The transaction valued the property at approximately $97,000 per apartment. FF Colony Park LLC, an affiliate of a Tampa-based affordable housing real estate firm led by J. David Page, purchased the affordable apartment complex.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $12,600,000.00
• Address: 8215 Belvedere Rd, West Palm Beach
• Market: West Palm Beach
• Seller's Representative: Richard Tarquinio (CBRE), Timothy (Tim) Flint (CBRE)
• Buyer: FF Colony Park LLC

CBRE’s Timothy Flint and Richard Tarquinio acted as the seller's representatives in the deal for Colony Park Ltd. The buyer, FF Colony Park LLC, specializes in acquiring and revitalizing affordable housing projects. Southport Financial Services, the acquiring entity, is known for its extensive portfolio of nearly 17,000 units spread across the country. The previous sales information for the property was not publicly available online.