Holland & Knight partner William Bloom in Miami closed the $31.5 million sale of an affordable housing complex in suburban Greenacres.
SPRJ Chelsea Commons LLC bought the Chelsea Commons rental community at 101 Pine Circle from Chelsea Commons LP, according to the Palm Beach County property appraiser’s office. The deal closed April 27.
SPRJ is an affiliate of Southport Financial Services Inc., a Tampa-based company that focuses on multifamily development, purchase, rehabilitation and management, according to state records and the firm’s website.
Chelsea Commons, southeast of Jog Road and Lake Worth Road, has 210 units — 208 apartments and two houses. The deal breaks down to $150,000 per unit.
The seller, represented by Bloom, is affiliated with Miami-based real estate company The Green Cos. Inc., according to state records.
An affiliate of The Green Cos. developed Chelsea Commons in 1999 in partnership with an affiliate of Sun America Development Inc. with the help state tax credits
Bloom had worked on a transaction involving the property before. In 1999, he represented a Green Cos. affiliate when the project was developed. In 2013, he again represented Green Cos. when it bought Sun America’s interest in the development.
While this is an affordable housing complex, some of the units are market rate, and they have been upgraded, according to Bloom.
This transaction went smoothly, Bloom added.
“You have a very well-run project with excellent records. You have a very experienced purchaser in dealing with purchasing affordable housing. It was very smooth. They were able to get their financing in place very quickly, and the transaction was as smooth as it could be,” he said.
Pepple Cantu Schmidt founding member David Cantu in Clearwater represented the buyer.