July 17, 2023 – Alec Bashein and Travis Jones of Horvath & Tremblay have arranged the sale of Riviera Manors, a twelve (12) unit multi-family property in Riviera Beach, Florida. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $2,100,000.
Riviera Manors is located at 158-182 W 28th Street in Riviera Beach, Florida. Riviera Manors is a multifamily Property consisting of a total of 12-units spread across three contiguous 4-unit apartment buildings. With a total of 8,984 square feet of living area, the Property has spacious apartments with each unit averaging over 740 square feet. The properties are situated on a total of 0.79 acres of land and were constructed of concrete block between 1971 and 1972. Riviera Manors has an extremely desirable unit mix consisting of seven (7), 2-Bedroom/1-Bathroom units and five (5), 3-Bedroom/1-Bathroom units. All of the units feature granite counters, upgraded kitchen cabinets and bathroom vanities, recessed lighting, vinyl wood flooring throughout, in-unit dishwashers, in-unit washer/dryer hookups, and large private patios. All of the units are separately metered for water and feature ceiling fans and ample parking. Many of the air-conditioning units and hot water heaters have been replaced, which should result in minimal maintenance costs for new ownership. The Property is located towards the easternmost boundary of the city of Riviera Beach and is within close proximity to many parks, area schools, and local amenities. Additionally, the Property is just 20 minutes from Palm Beach International Airport. The Property is situated within close proximity to the pristine Riviera Beaches, Phil Foster Park and Peanut Island, all of which are waterfront amenities located nearby. Access to all of South Florida is facilitated via Interstate-95 (I-95) and the Florida Turnpike, which are both just a few miles west of the Property.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the country. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.