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Forum Place 1551 Forum Pl 238 Unit Apartment Building For Sale West Palm Beach, FL 33401
Executive Summary
Opportunity to acquire a 238-unit waterfront multifamily development with Site Plan approval and permit ready CDs in West Palm Beach with 60 WFH Units @ 100% AMI. The Project hard cost should range from $58-$60.0M based on recent cost estimates from prominent local construction companies. Forum Place received Concept Approval for a HUD 221 d.4 construction loan in December 2024.
Forum Place will be an eight-story mid-rise multifamily situated on 3.74 acres in the Palm Beach Lakes section of West Palm Beach. 238-units of tunnel-form, category 5 hurricane rated units, 383-parking spaces, 86 storage lockers, a waterfront location on Lake Mangonia with views of Clearlake, connection to a public right of way extension of the Turquoise Necklace bicycle and walking paths to Downtown.
Visit the Property Website for additional information or to obtain an offering memorandum: http://www.ForumPlaceMultifamily.com
Forum Place will be an eight-story mid-rise multifamily situated on 3.74 acres in the Palm Beach Lakes section of West Palm Beach. 238-units of tunnel-form, category 5 hurricane rated units, 383-parking spaces, 86 storage lockers, a waterfront location on Lake Mangonia with views of Clearlake, connection to a public right of way extension of the Turquoise Necklace bicycle and walking paths to Downtown.
Visit the Property Website for additional information or to obtain an offering memorandum: http://www.ForumPlaceMultifamily.com
Property Facts Under Contract
| Sale Type | Investment | Lot Size | 3.78 AC |
| No. Units | 238 | Construction Status | Proposed |
| Property Type | Multifamily | Building Size | 275,000 SF |
| Property Subtype | Apartment | No. Stories | 8 |
| Apartment Style | Mid-Rise | Year Built | 2027 |
| Building Class | A | ||
| Zoning | OC - Multifamily | ||
| Sale Type | Investment |
| No. Units | 238 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 3.78 AC |
| Construction Status | Proposed |
| Building Size | 275,000 SF |
| No. Stories | 8 |
| Year Built | 2027 |
| Zoning | OC - Multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Storage Space
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Courtyard
- Fitness Center
- Pool
- Tenant Controlled HVAC
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 22 | - | - |
| 1+1 | 122 | - | - |
| 1+2 | 94 | - | - |
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Property Taxes
| Parcel Number | 74-43-43-17-05-003-0070 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $6,100,000 |
Property Taxes
Parcel Number
74-43-43-17-05-003-0070
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$6,100,000
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Forum Place | 1551 Forum Pl
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