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Olen Properties pays $80M for Palm Beach Gardens apartments
Northwestern JV developed the community in 2014
A California-based real estate management company paid $80 million for a 224-unit Palm Beach Gardens apartment community.
Olen Properties, led by Igor Olenicoff and based in Newport Beach, bought The Hamptons at Palm Beach Gardens at 4045 Central Gardens Way, according to a press release.
The seller is Northwestern Mutual. The Milwaukee-based financial services company, led by John Schlifske, built the apartment community in 2014 as part of a joint venture with ZOM Florida. The community is on 17 acres.
Still Hunter, Greg Engler and Kaya Suarez of Walker & Dunlop brokered the deal, according to the release. The price equates to $357,143 per apartment.
Last month, Northwestern paid $117 million for a 555-unit apartment complex in Fort Lauderdale.
The Hamptons at Palm Beach Gardens has one bedroom units available starting at $1,567 monthly, according to an online listing. A four-bedroom unit is available for $2,815 per month. Amenities include a clubhouse, 2.5-acre lake with walking trail, fitness center and heated saltwater pool.
Earlier this year, Olen Properties received more than $5 million as part of the federal Paycheck Protection Program meant to retain 459 employees. The program was launched to help small businesses during the Covid-19 pandemic.