SEABREEZE HARBOR APARTMENTS SELLS FOR $14.98 MILLION IN FLORIDA

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RIVIERA BEACH, FLA. — Continental Real Estate Cos. (CREC) has brokered the sale of Seabreeze Harbor Apartment Homes in Riviera Beach. Situated on more than 40 acres at 2304 N. Congree Ave., the 520-unit complex sold for $14.98 million. The property includes 37 low-rise buildings comprising 412,112 square feet of space. The property was 50 percent occupied at the time of acquisition. The undisclosed buyer plans to renovate, rebrand and reposition the asset. Peter Mekras of CREC represented the undisclosed seller. Charles Foschini of CB RIchard Ellis Capital Markets sourced the buyer's financing for the acquisition. Additionally, Gerald Biondo and Brandon Biondo of Murai, Wald and Biondo provided legal counsel for the seller.

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