Denver firm buys affordable housing property in West Palm Beach

Hollywood developer sold the complex for $85K per unit

TRD MIAMI /
Dec.December 14, 2018 01:30 PM

Grand Peaks CEO Luke Simpson and Mangonia Residence Apartments (Credit: Grand Peak Properties, Apartments, and iStock)

Denver-based Grand Peaks Properties paid $21.4 million for a 252-unit affordable senior living facility in West Palm Beach.

A company tied to Hollywood real estate developer Scott Daiagi sold the Mangonia Residence Apartments at 2210 North Australian Avenue for nearly $85,000 per unit to GPAI Uptown 22 LLC.

Daiagi purchased the 8-acre property in 2013 for $4.1 million. The 82,500-square-foot complex was built in 1997. Apartment rents are subsidized by a low-income housing tax credit.

Grand Peaks was founded in 2003 and manages and invests in apartments throughout the country. It has $2 billion in current assets and owns 30 properties, according to its website.

West Palm Beach and South Florida as a whole have a limited amount of affordable housing, which has driven up demand and prices for the few available properties.


Related Articles

arrow_forward_ios
Matthew Rieger and a rendering of Village View

HTG scores financing for Fort Lauderdale senior affordable housing

Joe Carollo (Credit: Getty Images)

Miami to debate FIU affordable housing plan

Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

One West Palm rendering and Jeff Greene

Construction worker injured at Jeff Greene’s project in West Palm

Al Adelson and the Bristol

High on his own supply: The Bristol developer buys a unit at his condo tower

Jason Hochman, Greg Miller, Scott O'Donnell, Michael Ciadella and 901 Northpoint Parkway 

West Palm office parks sells for $12M in tight market

Roger Hertog and The Bristol in West Palm Beach (Credit: Getty Images)

Investment honcho pays $14M for condo at The Bristol

Angelo Gordon & Co.’s Michael Gordon and 1400 Village Boulevard

Angelo Gordon pays $55M for West Palm apartments

arrow_forward_ios
Loading...