Lake Worth Parcels Sell For $2.9 Million

Written by on 02.10.12 in Done Deals, Land - No comments

Marc Goldberg and Bobby Farb sold 2 vacant parcels totaling 10.2 acres at the corner of Westview St. and Lake Worth Rd. in Lake Worth for $2,850,000, with no co-broker. The seller was Colonial Lakes, LLC and the buyer was Colonial Lakes Apartments, LTD, a subsidiary of The Richman Group. The land will be used to build 120 affordable housing units.

The property was under contract for 10 months to allow the buyer to get approvals and secure funding from local, state and federal sources. The purchase price equates to $23,750 per buildable unit, a very aggressive number in today’s market. Richman had the property under contract once before for a higher purchase price but had to terminate when they were not awarded the necessary funding. While the price did come down from the initial contract, Richman was still almost 25% higher than other potential buyers when the property was brought back to market after a year on the sidelines. Richman had already invested substantial time and money during the previous contract period, and being allowed to use most of the previous due diligence items this time allowed them to come in at a number significantly higher than the other offers they were competing against.

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