West Palm Beach group buys 260-unit apartment complex in Southside
Portiva apartments was sold Aug. 6. to West Palm Beach-based Myers Apartment Group for $50.7 million.
The seller was Portiva Residences LLC, a subsidiary of LIV Development of Birmingham, Alabama. The firm's president, Robert B. Crumpton, signed the deed.
The recently completed 260-unit Southpoint-area community was acquired through a $36.23 million loan using Fannie Mae's “near stabilization execution,” which provides financing for newly constructed or recently renovated apartment communities expected to achieve stabilized occupancy within 120 days of closing, according to a news release.
“The buyer was able to acquire the property at a below-market price, and we helped them achieve the goal of closing before full stabilization, with little risk,” said Mitch Sinberg, the senior managing director of Berkadia, who arranged the acquisition financing. “We anticipate the property will be at full stabilization in the next 30 to 60 days.”
Officials with Myers Apartment Group, their subsidiary MAG Portiva LLC and LIV Development did not respond to requests for comment.
Portiva is at AC Skinner Parkway and Salisbury Road off Butler Boulevard. The community offers one-, two- and three-bedroom units from 752 square feet to 1,485 square feet, a saltwater pool, pet park, outdoor firepits and a yoga training center.
The complex previously was sold by Rimrock Devlin Development LLC to Portiva Residences LLC for $3.5 million in April 2016 and a $24.69 million mortgage was obtained by Portiva Residences through Trustmark National Bank.