AvalonBay pays $103M for apartments in downtown West Palm
Ram Realty and Kolter Urban sold the 290-unit portfolio for about $355k per unit
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.