Angelo Gordon pays $55M for West Palm apartments

The Vue at 1400, with 316 apartments, sold for $174K per unit

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

New York investment firm Angelo Gordon & Co. dropped $55M for an apartment complex in West Palm Beach.

Angelo Gordon & Co. bought the 316-unit Vue at 1400 property at 1400 Village Boulevard for $174,050 per unit, records show. A company tied to Nashville-based Covenant Capital Group sold the property.

The deal reflects the trend of out-of-state investors acquiring multifamily projects in West Palm Beach, as the population continues to grow and wealthy individuals are migrating from the Northeast to Florida due to lower taxes.

The Vue at 1400 last traded for $45.7 million in August 2016, records show. The building, built in 1991, totals 27,495 square feet on 12.7 acres.

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Angelo Gordon is a privately-held alternative investment firm led by Michael Gordon, a former director of research of L.F. Rothschild’s Arbitrage Department. It manages about $36 billion in assets, according to its website. The company has recently been active in Chicago’s industrial market.

The deal is the largest West Palm Beach apartment sale since South Florida developer Charles Scardina Jr. sold Luma West Palm Apartments in June to a Salt Lake City-based firm for nearly $67 million.

Related Group Chairman and CEO Jorge Pérez also said last year that he plans to use the Opportunity Zones tax break to build market-rate apartments in West Palm Beach at 4400 North Flagler Drive.