JAG, Starwood Capital Group sell West Palm Beach complex: $56M

Miami /
Jul.July 01, 2016 04:45 PM

A joint venture purchased the Jefferson Palm Beach, a 282-unit apartment complex, for $56.1 million. 

McLean, Virginia-based Jefferson Apartment Group and Greenwich, Connecticut-based Starwood Capital Group sold the West Palm Beach property at 300 Courtney Lakes Circle. GP Florida LLC, a partnership between Dedicated West Palm Beach and GP Florida, is the buyer.

Dedicated West Palm, an affiliate of Toronto-based Brass Enterprises, acquired 92 percent of Jefferson Palm Beach. GP Florida, tied to San Francisco-based Grass Properties, bought the remaining 8 percent.

JAG developed the 11.14-acre project in 2014. The company bought the land in 2012 for a little more than $4 million.

Units at Jefferson Palm Beach range from one to three bedrooms and include washer/dryers, open floor plans and wood-style flooring. Amenities include a resort-style pool with cabanas, a fitness center, clubhouse, billiards lounge, outdoor terrace and a community conference room, according to its website.

In September, JAG and Starwood Capital Group sold a new Cooper City apartment community for $55 million to a Louisiana-based firm.

Earlier this week, The Real Deal took a look at the multifamily market in South Florida. Since the beginning of this year, investors and developers have traded more than $4 billion worth of multifamily properties in South Florida alone, and most deals were struck in suburban parts of Fort Lauderdale, West Palm Beach and Miami.


Related Articles

arrow_forward_ios
Charles Cohen and 2000 S Dixie Hwy, West Palm Beach (Getty, Google Maps)

Charles Cohen’s Carefree Theater redevelopment advances

Charles Cohen’s Carefree Theater redevelopment advances
Avalon Communities CEO Timothy J. Naughton and renderings of the project with AvalonBay head (Corwil Architects)

Apartment developer buys South Miami Winn-Dixie site from Bacardi JV

Apartment developer buys South Miami Winn-Dixie site from Bacardi JV
Kevin Neal, Trinsic Residential’s managing director for South Florida, and a rendering of the project

Trinsic set to build 292-unit apartment complex in Delray Beach

Trinsic set to build 292-unit apartment complex in Delray Beach
Steelblock CEO Ignacio Murman and 13300 Alexandria Drive in Opa-locka (Steelblock, Google Maps)

Steelblock buys Opa-locka apartment complex for $8M

Steelblock buys Opa-locka apartment complex for $8M
A rendering of Adela at MiMo Bay, Michael Van Der Poel of ACRE, and QuadReal CEO is Dennis Lopez

American Legion rental project in MiMo District launches leasing

American Legion rental project in MiMo District launches leasing
From left: A rendering of Deco Green and developer Ricardo Hernandez, and a rendering of Element with developer Norman Weinstein (Credit: Dominick Ranieri Architect and Rosemurgy Properties)

Lake Worth Beach CRA approves two apartment complexes

Lake Worth Beach CRA approves two apartment complexes
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
An aerial view of the property (Credit: Google Maps)

Mixed-use multifamily project proposed for central Palm Beach County

Mixed-use multifamily project proposed for central Palm Beach County
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...