The Lake Mangonia Apartments in West Palm Beach were sold for $10.25 million and will undergo a major rehabilitation.
SP Azalea Plaza, managed by J. David Page in Tacoma, Washington, sold the 150-unit apartment complex at 2100 Australian Ave. to Palm Grove Affordable LLC, a joint venture between Tampa-based Southport Financial Services and New York-based R4 Capital. It’s just across from Lake Mangonia.
The buyer secured three loans: a $14.9 million mortgage for 41 years from Prudential Huntoon Paige Associates, a $14 million multifamily housing bond through the Florida Housing Finance Corp. with Bank of New York Mellon as trustee, and $1.3 million in financing from the seller.
Those loans will help fund the rehabilitation of the property, which recently commenced by Vaughn Bay Construction, according to county records.
The apartment complex was built on the 5.22-acre site in 1973. It last traded for $6.73 million in 2007.
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