Denver firm buys affordable housing property in West Palm Beach

Hollywood developer sold the complex for $85K per unit

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

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.