{"id":1004095408,"date":"2014-04-25T09:38:45","date_gmt":"2014-04-25T17:38:45","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=256812"},"modified":"2022-12-04T19:42:57","modified_gmt":"2022-12-05T03:42:57","slug":"vista-pointe-apartments-in-palm-springs-sold","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vista-pointe-apartments-in-palm-springs-sold\/","title":{"rendered":"Vista Pointe Apartments in Palm Springs Sold"},"content":{"rendered":"<p><em>By Balazs Szekely, Associate Editor<\/em><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/2014-04-25-Vista-Pointe-Apartments-in-Palm-Springs-Sold.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-256813\" title=\"Vista Pointe Palm Springs Florida\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/2014-04-25-Vista-Pointe-Apartments-in-Palm-Springs-Sold.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a>The Vista Pointe community at 555 Kirk Road in Palm Springs, Fla. has recently changed hands for $18.11 million with the involvement of CBRE, which represented the seller, Riverfront Capital, in the transaction. Avesta Real Estate Fund I LLC is the new owner of the 314-unit apartment community.<\/p>\n<p>The property is comprised of six three-story buildings situated on 9 acres of land. The 227 one-bedroom one-bath garden-style apartments and 87 two-bedroom, 1.5-bath units come out at a total of 238,862 gross square feet of rentable space. All units are equipped with central heating and air conditioning, offer wireless internet access and select units come with tile floors. Walk-in closets and private balconies or patios with courtyard views are also among the apartment offerings. The pet-friendly community also includes a clubhouse with free Wi-Fi, laundry facilities, business center, children\u2019s playground, on-site fitness center, a multi-purpose sports court and a swimming pool with sundeck.<\/p>\n<p>Calum Weaver, first vice president in CBRE\u2019s Multi-Housing Private Capital Group considers the property \u201can exceptional value-add opportunity,\u201d\u00a0especially in the light of the current South Florida investment climate, where repositioning Class B and C properties has become a major tendency.<\/p>\n<p>\u201cWith almost 3,500 annual net units absorbed and occupancies at 96 percent, the Palm Beach County market is ideal for investors to implement value-add improvements and still be positioned notably below Class A rents within the area,\u201d he says<em>.<\/em><\/p>\n<p>Within 20 minutes of two major Palm Beach employment centers, downtown West Palm Beach and Boca Raton, the community is only a few miles to the beach and 1 mile from Interstate 95. Palm Beach Community College is also only a few miles away. Local shops are within walking distance and public transportation is also conveniently available. The community is 95 percent occupied.<\/p>\n<p><em>Photo courtesy of Vista Pointe Apartments via Facebook<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Vista Pointe community at 555 Kirk Road in Palm Springs has recently changed hands for $18.11 million with the involvement of CBRE, representing the seller, Riverfront Capital in the transaction. Avesta Real Estate Fund I, LLC is the new owner of the 314-unit apartment community.<\/p>\n","protected":false},"author":755,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1492,21742],"tags":[1815],"class_list":["post-1004095408","post","type-post","status-publish","format-standard","hentry","category-miami","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Vista Pointe Apartments in Palm Springs Sold - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vista-pointe-apartments-in-palm-springs-sold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vista Pointe Apartments in Palm Springs Sold\" \/>\n<meta property=\"og:description\" content=\"The Vista Pointe community at 555 Kirk Road in Palm Springs has recently changed hands for $18.11 million with the involvement of CBRE, representing the seller, Riverfront Capital in the transaction. 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