The Real Deal Miami

Billionaire developer pays $44M for West Palm apartments

Mogul pleaded guilty to tax evasion in 2007

December 02, 2015 04:00PM
By Sean Stewart-Muniz

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The Ibis Reserve apartment community in West Palm Beach

The Ibis Reserve apartment community in West Palm Beach

A company tied to billionaire developer Igor Olenicoff just sealed a $44 million deal to purchase a West Palm Beach apartment community.

The deal includes Ibis Reserve, an apartment complex with 234 units at 8300 Ibis Reserve Circle.

AMLI Residential, a major multifamily developer headquartered in Chicago, built the garden-style community in 2000, according to Palm Beach County property records.

An aerial view of the 234-unit apartment complex

An aerial view of the 234-unit apartment complex

Now, the developer has sold its complex for roughly $188,000 per unit to an affiliate of Olen Properties, a real estate company headed by Olenicoff.

Olenicoff is No. 167 out of Forbes top 400 richest Americans, with a net worth of about $3.9 billion. The real estate mogul reportedly pleaded guilty to a federal tax felony in 2007 and agreed to pay $52 million to the IRS.

According to Olenicoff’s company website, his firm owns commercial and residential properties throughout California, Florida, Arizona, Nevada and Georgia. This purchase marks Olenicoff Properties’ 13th apartment community in South Florida.

AMLI has a portfolio of nearly 25,000 apartments across the United States. In South Florida, its holdings include 2,045 apartments spread across six communities in Miami, Doral, Fort Lauderdale, Miramar, Sunrise and Davie.

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