Pinnacle sells affordable housing in West Palm to Fairfield Residential
Sunday Jul 28th, 2019
Affordable housing developer Pinnacle sold an affordable housing complex in West Palm Beach for $19.7 million, signaling the growing investor demand for affordable housing in South Florida.
San Diego-based Fairfield Residential acquired Abbey Park, a 160-unit community at 1921 Abbey Road, for about $123,000 per unit, records show.
The property features 11 two-story buildings with a mix of 112 two-bedroom units and 48 three-bedroom units.
Community amenities include a business center, clubhouse, library, fitness center, swimming pool, barbecue and picnic areas, and two playgrounds. The property is currently 100 percent occupied, according to a release.
CBRE was the listing agent for the nearly 11-acre property. It was completed in 2003.
In South Florida, Pinnacle owns more than 4,000 units, including the 272-unit LaVida Apartments in the Blue Lagoon commercial park. The company is building Caribbean Village, a 123-unit affordable, senior living community in South Miami Heights.
Late last year, Pinnacle scored $31.2 million in financing to build Verbena, a 110-unit affordable housing development in Leisure City’s Modello neighborhood in south Miami-Dade County.
Fairfield is a national apartment developer that has built or acquired over 880 multifamily communities with more than 253,500 apartments across the country.