AvalonBay pays $103M for apartments in downtown West Palm

Ram Realty and Kolter Urban sold the 290-unit portfolio for about $355k per unit

Miami /
Oct.October 22, 2018 12:00 PM

The Alexander, Alexander Lofts and Ram Realty’s Casey Cummings

A joint partnership between Ram Realty Advisors and Kolter Urban just sold an apartment complex in downtown West Palm Beach to AvalonBay Communities for $103 million.

AvalonBay purchased Alexander Living, which consists of a recently completed 20-story, 205-unit rental building called The Alexander, and a six-story, 85-unit building called Alexander Lofts, according to property records. The deal breaks down to about $355,000 per unit.

Ram acquired the properties through its private equity fund for $5.12 million in 2012. Ram and Kolter completed The Alexander building last year. They converted the Alexander Lofts building, which was built in 1926, into apartments in 2015. It was previously home to Southern Bell Telephone’s regional headquarters.

Newmark Knight Frank’s Avery Klann, Hampton Beebe and Jonathan Senn brokered the deal.

AvalonBay made its first foray into Florida in late 2017 when it paid $138 million for an apartment complex in Boca Raton.

The Alexander Living property marks the first deal for the Arlington, Virginia-based real estate investment trust in West Palm Beach.

The apartments are near Brightline’s newly completed West Palm Beach station and Related Companies’ 72-acre mixed-use project CityPlace.  Commissioners approved the Okeechobee Business District in August, potentially paving the way for new high-rise office development in the area.


Related Articles

arrow_forward_ios
12350 Biscayne Boulevard and buyer Yoram Izhak (Google Maps)
Johnson & Wales sells more North Miami properties for $21M
Johnson & Wales sells more North Miami properties for $21M
The Buena Vista Gardens in Little Haiti (Apartments.com)
Bowery Properties buys Little Haiti apartment portfolio for $12M
Bowery Properties buys Little Haiti apartment portfolio for $12M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
arrow_forward_ios

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

Loading...