The Real Deal Miami

Denver firm buys affordable housing property in West Palm Beach

Hollywood developer sold the complex for $85K per unit
By Keith Larsen | December 14, 2018 01:30PM

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.