Greystar pays $84M for Palm Beach Gardens apartments

Joint venture between UBS and TPG Capital sold the complex for $237,500 per unit

TRD MIAMI /
Dec.December 13, 2018 10:30 AM

Mira Flores Apartments and Greystar CEO Bob Faith

Greystar Real Estate Partners just paid $83.6 million for an apartment complex in Palm Beach Gardens apartment complex, property records show.

A joint venture between UBS Realty Investors and a real estate investment trust under the private equity firm TPG Capital sold the Mira Flores Apartments at 11900 Valencia Gardens Avenue. The 352-unit complex sold for about $237,500 per apartment.

Records show the 22-acre property last sold for $48.5 million in 2011. Built in 1996, the Mira Flores Apartments consists of six, two-story buildings with a community pool, playground, racquetball court and tennis court.

The apartment complex is just north of the Gardens Mall where a number of commercial properties recently sold. Just last week, a nearby office building anchored by Seacoast National Bank traded hands for $25.1 million.

Greystar, an active investor and developer of apartments in South Florida, is building a 25-story, 329-unit apartment tower with ground-floor retail in downtown Fort Lauderdale. In 2016, the company paid $89 million for the Astor Companies’ newly built InTown apartment complex in Little Havana.


Related Articles

arrow_forward_ios
From left: Stuart Elliott, Jerome Hollo, Michael Shvo, Laurent Morali and Lissette Calderon

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

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

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Grant Cardone and 10X Living at Sawgrass

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

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

arrow_forward_ios