Nuveen pays $103M for West Palm luxury apartments

It was 91% leased at the time of sale

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.

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