Eretzor Group pays $6 million for West Palm Beach rentals
Boca Raton-based Eretzor Group has bought apartments in West Palm Beach for $6 million, marking an exponential rise in prices in eight months as investors’ appetite for South Florida multi-family projects swells. continues relentlessly.
Investment fund Eretzor Group IV purchased the 10-unit property at 2700 Broadway from a Boca Raton-based entity led by Rhahime Bell, according to a deed. The buyer took out a $4.1 million loan from Banesco USA for the property.
The property includes a two-story building, built in 1928, according to Loopnet.com.
It is one of the locations of the Palm Beach Recovery Center, an addiction treatment center, according to the organization’s website.
Property records show the purchase also includes an adjacent one-story U-shaped building, built in 1952 on 0.3 acres. Together, the purchase totals 7,286 square feet of real estate on 0.8 acres.
The seller, That’s My Partner LLC, paid $850,000 for the property in July.
Eretzor Group is a real estate investment subsidiary of Stateland Brown Real Estate, a residential and commercial brokerage firm operating in Boca Raton since 2006. Daniel Statlander is the founder and CEO of Stateland Brown.
South Florida’s multifamily market is booming, creating an investment appetite for deals large and small. Multifamily sales in the Tri-County area reached a record $11.4 billion in 2021, more than double the previous record high of $5.5 billion in 2016, according to a report by Cushman & Wakefield.
The West Palm property purchased by Eretzor sits north of downtown West Palm Beach, where real estate companies paid $15.8 million for an apartment development site in December.
Also in December, NeuRock Capital, a subsidiary of Kingdom Development, based in Riverside, Calif., purchased three West Palm rental complexes for $59.3 million.