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.