HGI Buys New West Palm Apartment Complex for $106M
By Jeff Ostrowski June 22, 2023 12:33 pm
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A newly built apartment complex in West Palm Beach has sold for $105.5 million, according to a deed made public Thursday.
Harbor Group International LLC is the new owner of Locklyn West Palm, a garden-style complex at 3950 Village Boulevard. The seller was an affiliate of The Carlyle Group. The buyer financed the acquisition with a $56.55 million mortgage from Berkeley Point Capital, according to public records.
Previously known as Broadstone Locklyn, the project includes 280 units. Monthly rents range from $2,399 for a one-bedroom apartment to $3,874 for a three-bedroom unit, according to Apartments.com.
“As migration to South Florida continues to trend upward, spurring demand for modern apartment housing, Locklyn West Palm offers attractive rent levels compared to other newer, luxury products on the market,” Yisroel Berg, Harbor Group’s chief investment officer of multifamily, said in a statement.
Built in 2022, Locklyn West Palm is 95 percent occupied. Harbor Group, headquartered in Norfolk, Va., now owns 3,800 units across 15 properties in South Florida.
Amenities at Locklyn West Palm include a private walking path along a 20-acre lake, a resort-style pool with cabanas, a movie theater, detached garages, a dog park and dog wash station and a game room.
Newmark (NMRK) facilitated the transaction, with Henry Stimler, Bill Weber, Matt Mense and Dan Sarsfield arranging the debt and Avery Klann and Hampton Beebe brokering the sale.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
