Blackstone buys PB Gardens rentals for $103.6 million

TA Associates Realty sold for about $218,000 per unit, or 50% more than it paid in 2010

Apr.April 23, 2017 01:15 PM

San Merano at Mirasol, 100 Portofino Circle, Palm Beach Gardens

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

Related Articles

3650 RCA Boulevard and United Group of Housing CEO Michael J. Uccellini (Credit: Google Maps)

United Group nabs Palm Beach Gardens property to build senior living

Daily Digest Miami

Rise in climate-related home buyouts could worsen housing inequality, Eurostars parent buys historic downtown Miami property: Daily digest

Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street

Blackstone buys two Miami Gardens industrial properties for $14M

Toll Brothers CEO Douglas C. Yearley, Jr. an a rendering of Avenir Community

Homebuilder Toll Brothers adds to portfolio aimed at active adult communities in Palm Beach Gardens

Brenton Saunders and 14630 Watermark Way

Wrinkle-free deal? Botox parent Allergan CEO sells Palm Beach Gardens home

3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

Blackstone buys industrial portfolio near Miami airport for $56M

Daily Digest Miami

Chicken Soup for the Soul publisher sells Deerfield Beach properties, pollutants discovered at new Miami Civil Courthouse: Daily digest

David Associates’ Al Marulli and the Shoppes in the Gardens

David Associates sells Palm Beach Gardens shopping center for $9M