The Green Cos. sold the Chelsea Commons affordable apartment complex in Greenacres for $31.5 million.
Chelsea Commons L.P., an affiliate of Miami-based Green Cos. led by James Bernstein, sold the 210 apartments at 101 Pine Circle to SPRJ Chelsea Commons LLC, an affiliate of Tampa-based Southport Financial Services. The buyer secured a $22.05 million, seven-year mortgage with Jones Lang LaSalle Multifamily.
The price equates to $150,000 a unit.
Located on the 26.5-acre site near the southeast corner of South Jog Road and Lake Worth Road, the apartment complex was built in 1988. It features a pool, clubhouse and a 4.2-acre lake.
This is Southport’s fourth acquisition of an affordable housing complex in Palm Beach County this year.
Commercial Property Management Firms
Ranked by Sq. ft. managed, July 2017
Rank Company Sq. ft. managed, July 2017 1 Cushman & Wakefield of Florida 24.23 million 2 CBRE 20.79 million 3 Prologis 14.7 million View This List