Nuveen pays $103M for West Palm luxury apartments

It was 91% leased at the time of sale

Miami /
Jan.January 16, 2020 02:30 PM
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

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

Global asset manager Nuveen Real Estate paid $103.49 million for a luxury apartment project in West Palm Beach.

Records show Broadstone City Center LLC, a company tied to Alliance Residential, sold the 315-unit Broadstone City Center at 499 Evernia Street. The mid-rise development, which spans a city block in downtown West Palm Beach, traded for about $329,000 per rental.

Avery Klann and Hampton Beebe of Newmark Knight Frank represented Alliance Residential, a Phoenix, Arizona-based multifamily investor and developer, according to a press release.

Alliance paid $10 million for the development site and financed construction with a $50 million loan from Citizens Bank. The building, which includes a three-story clubhouse, rooftop deck and pool with cabanas, was completed in 2018. The average monthly rent at Broadstone is $2,190, or $2.67 per square foot.

It was 91 percent leased when it sold, a spokesperson for Newmark Knight Frank said.

Chicago-based Nuveen, the investment arm of TIAA, is one of the largest investment managers in the world with $989 billion in assets under management, according to its website.

The West Palm Beach deal is the largest multifamily sale to close so far this year in South Florida.

The building is being rebranded as Sole at City Center. It’s next to Virgin Trains’ station and near the Related Companies’ Rosemary Square.

Development is booming in West Palm Beach. The Related mixed-use property, previously called CityPlace, is undergoing a $550 million redevelopment. The New York developer secured approval in late 2018 to build a 21-story apartment building on the site of a former Macy’s building at CityPlace.


Related Articles

arrow_forward_ios
Trump Plaza’s condo board votes to remove ex-president’s name from West Palm towers
Trump Plaza’s condo board votes to remove ex-president’s name from West Palm towers
Trump Plaza’s condo board votes to remove ex-president’s name from West Palm towers
Renderings of Wynwood Haus with TSG Managing Partner Camilo Lopez and Lineaire Group Partner Diego Bonet (Lineaire Group)
Bridge Investment joins Wynwood Haus multifamily development group
Bridge Investment joins Wynwood Haus multifamily development group
Phillips Point office towers with Related’s Stephen Ross (JLL, Getty)
Related Cos. closes on West Palm office towers for $282M
Related Cos. closes on West Palm office towers for $282M
President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
Addiction treatment center operator pays $12M for Delray Beach apartments
Addiction treatment center operator pays $12M for Delray Beach apartments
(iStock)
South Florida resi sales jump in Q4: Elliman
South Florida resi sales jump in Q4: Elliman
Celebration Pointe and Andrew Farkas (Garco)
Island Capital affiliate pays $64M for Margate apartments
Island Capital affiliate pays $64M for Margate apartments
Renderings of Wave 70 and Wave 90
Dania Beach approves 760-unit apartment complex next to Dania Pointe
Dania Beach approves 760-unit apartment complex next to Dania Pointe
AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Alphabet soup: AEW pays AHS $57M for Homestead apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...