Investor buys Highland Apartments, rental, income restrictions removed

BUYER: Bayside Villas LLC (principal: Joseph Biggins), Jupiter
SELLER: Highland Associates Ltd.
PROPERTY: 670 E. 20th Lane, Palmetto and various other addresses
PRICE: $1.05 million
PREVIOUS PRICE: $115,000, January 1985
LAW FIRM ON DEED: Assured Title Agency, Jupiter

PLANS, DESCRIPTION: Jupiter real estate investor Joseph Biggins purchased the 44-unit Highland Apartments in Palmetto for $1.05 million.

The price equated to $23,864 per unit or $28 per square foot.

Occupying an 8.5-acre site, the community contains 11 one-story buildings. It was 99% occupied at the time of the sale. The apartment complex was built in 1986 under the U.S. Department of Agriculture Rural Development Rental Housing program, which placed low-income restrictions on its tenants and rent limits.

“This was an approved short sale by the USDA, and upon the sale all the restrictions were lifted,” says Jonathan Richards of CRE Consultants, who represented the seller. “They can now rent the property to anybody. Upon the renewal period, they have the option to increase the rent.”

Richards says the property was well maintained, but that the new owner will likely upgrade it to enhance its curb appeal.

Biggins is a well-known buyer of primarily distressed real estate in Florida, North Carolina and other parts of the Southeast United States.

The purchase entity Bayside Villas LLC mortgaged the property to Ozzy Interests LLC for $735,000.