Arch Companies announced it closed on the acquisition of Legacy Melrose, a multifamily property in West Palm Beach, Florida. The property was built in 2004 and is currently 100 percent occupied. The acquisition was brokered by Walker Dunlop’s South Florida team, led by Still Hunter, andfinancing for the acquisition was provided by Stone Beach Capital.
The property consists of 60 two-bedrooms /two-bathrooms units,each containing 1,280 SF of livable space.The property is located 15 minutes west of the Downtown West Palm Beach, an area which is experiencing a resurgence of new investment and development activity.The property’s location benefits from its proximity to multiple large scale mixed use, commercial, and retail properties such as Rosemary Square, the West Palm Beach outlets, and other local attractions.
“We’re pleased to have completed this acquisition of such a well-located multifamily property in West Palm Beach where residential demand is so strong,” said Jeffery Simpson, Managing Partner, Arch Companies. “Properties that are well located in South Florida are in strong demand and we anticipate these market trends to continuefor the foreseeable future.”
This latest acquisition is part of Arch’s ongoing investment in strategic urban markets across the Southeast region, where the firm has closed on more than 5,000 units since its inception.
“Arch has a successful track record of bringing value to multifamily properties throughout the region and the country,” said Marty Rauch, Principal, Stone Beach Capital. “We look forward to seeing the value they will deliver for this deal.”
About Arch Companies
Arch Companies is a vertically integrated real estate owner, operator, and developer with an active investment portfolio of more than 3.4 million square feet across the United States. Arch specializes in real estate investment, development, and management with a concentration on primary and secondary markets. The company has three investment verticals, value add multi-family, ground up development and rescue capital. Arch differentiates itself by providing hands-on real estate investment management, creative deal structuring, and transparent communication with partners. Arch’s vertically integrated platform allows for complete control and oversight of the business plan throughout the life cycle of the investment.
About Stone Beach Capital
Stone Beach Capital is a full-service commercial real estate platform focused on credit opportunities in the US and Europe. The company has three investment verticals, direct asset backed lending, whole loan acquisitions and special situations. Stone Beach Capital differentiates itself through its institutional operating processes, speed and certainty of execution and ability to assess complex real estate situations.