F
/Advance Capital has acquired Melrose Apartments, a 60-unit complex near West Palm Beach, for $17.5 million. The Miami-based private equity firm purchased the property from Arch Companies, which had bought it in 2022 for $14.3 million. F/Advance secured a $9.6 million loan from RWC Lending to finance the deal.

    The Melrose Apartments complex consists of three two-story buildings and a clubhouse on a 4.5-acre site. The property was completed between 2004 and 2005, and its purchase price works out to $291,667 per unit. F/Advance targets investments in multifamily, retail, and industrial properties ranging from $5 million to over $30 million.

    The sale comes amid a year-end surge of multifamily investment sales in South Florida, following slower activity earlier this year and last year. Higher interest rates and other market factors had led to a decline in investment sales, but firms are now using discretionary funds or taking on favorable loans to make purchases. Recent deals include Bell Partners' acquisition of two complexes for $121.3 million and $78.5 million, as well as Grand Peaks' purchase of The Seven at West Boca for $90.9 million.