Fausto brokers $2.85 million sale of Lake Worth Beach apartments

A 14-unit apartment building at 202 Lucerne Avenue in Lake Worth Beach, Florida, sold for $2.85 million in a transaction brokered by Fausto Commercial, according to a release supplied by the firm.

The sale closed August 24, the firm's public relations representative confirmed to CRE News Today on October 12. Fausto announced the transaction in a September 21 release.

Hudson C. Botteschia sold the property to Joe Assaf Zonenshine, according to the release. Elior Levi, Fausto's vice president of Broward multifamily, and real estate agent Ashleen Cruz led the transaction for the brokerage.

The price equates to approximately $203,600 per unit, calculated from the reported sale price and unit count. The firm did not provide the property's income, occupancy or capitalization rate, so that calculation does not establish its operating performance or investment yield.

Built in 1974, the two-story building is one block from Lake Avenue in downtown Lake Worth Beach, according to Fausto. Levi described the location as a principal attraction for the investor in the firm's announcement.

The materials supplied to CRE News Today did not include confirmed renovation or operating plans from the buyer. The brokerage also did not disclose financing terms for the acquisition.

Reporting source: Fausto Commercial's September 21 release and an October 12 confirmation from its public relations representative. Photo supplied by Fausto Commercial with permission for publication.