Blackstone buys PB Gardens rentals for $103.6 million

New York-based private equity firm Blackstone Group bought a 476-unit apartment complex in Palm Beach Gardens for $103.6 million, or almost $218,000 per unit.

The seller, Boston-based TA Associates Realty, had purchased the San Merano at Mirasol apartment complex at 100 Portofino Circle from Palm Beach Gardens-based Kolter Communities for $69 million, or about $145,000 per unit. Kolter had tried but failed to market San Merano, built in 2002, as a condo conversion before selling the property to TA Associates in 2010.  [Palm Beach Post] — Mike Seemuth