September 22, 2023 – Travis Jones and Alec Bashein of Horvath & Tremblay have arranged the sale of Park Manor Apartments, a twenty (20) unit multi-family property in Riviera Beach, Florida. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $3,400,000.
Park Manor Apartments is located at 3375 Avenue J in Riviera Beach, Florida. Park Manor Apartments is a multifamily Property consisting of a total of 20-units spread across two two-story apartment buildings. With a total of 18,320 square feet of living area, the Property has very large apartments averaging over 900 square feet each. The buildings are situated on 1.4 acres of land and were constructed of concrete block in 1985. The Property has an extremely desirable unit mix consisting of twelve (12) Two-Bedroom/One-Bathroom units, and eight (8) Three-Bedroom/One-Bathroom units in addition to plenty of parking. All units feature vinyl wood flooring and in-unit washer/dryer hookups. The Property is located less than 3 miles from Riviera Beach and the and the Atlantic Ocean and features close proximity to Broadway (US-1), which is lined with employment, dining, and entertainment opportunities. Over the past several years, current ownership has infused significant capital into the Property and has replaced many AC units and hot water heaters as preventative maintenance. 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. Also, the Property is located less than a brief 20-minute commute to the Palm Beach International Airport. 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.