WEST PALM BEACH, FL – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of Locklyn West Palm, a newly developed multifamily community in West Palm Beach, Fla. Comprising 280 units, the community adds to HGI’s growing footprint in South Florida, which now totals more than 3,800 apartment homes across 15 properties.
Locklyn West Palm offers a central location for residents. The community is proximate to nearly 15.5 million square feet of office space, with an additional 2.3 million square feet to be delivered in the next three years. The community is also near major transportation options, including Interstate 95, Highway 98 and the Florida Turnpike, connecting residents to nearby employment and entertainment options in West Palm, Delray, Boca Raton and Palm Beach Gardens.
“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,” said Yisroel Berg, Chief Investment Officer – Multifamily, HGI. “Harbor Group International will leverage our established and growing operating presence in the region to develop a tailored business plan for this community and seek strong returns on behalf of our investors.”
Built in 2022, Locklyn West Palm is 95% occupied as of June 12, 2023, demonstrating demand for housing in the West Palm market.
Locklyn West Palm is a garden-style community consisting of one-, two- and three-bedroom units. Unit interiors include high-end finishes, full size washers and dryers, walk-in closets and balconies in all units. The property offers a best-in-class amenity package, including 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 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.