US: AKA has acquired the Current Apartments development in West Palm Beach, Florida.
The property, located at 625 S. Olive Avenue, is in the final stages of construction. It will now open as a furnished aparthotel under Korman Communities’ AKA brand.
Before the transaction, the developers of Current Apartments estimated the 217-unit property was about 30 per cent pre-leased. Joshua Haywood, development manager for Transwestern Development Company, said: “People were very willing to rent a small apartment if it meant living downtown and paying less money than standard apartments.”
AKA made its Florida debut in October last year when it took over management of the Conrad Miami Hotel, which has been rebranded as Hotel AKA Brickell. The property was acquired by Electra America Hospitality Group, a joint venture between Electra America and AKA Hotel Residences.
