The Real Deal Miami

Greystar pays $84M for Palm Beach Gardens apartments

Joint venture between UBS and TPG Capital sold the complex for $237,500 per unit
By Amanda Rabines | December 13, 2018 10:30AM

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.