L&L founders pay $47M for Palm Beach Gardens apartments

Price breaks down to $377K a unit

Robert Lapidus and David Levinson with 333 Central Gardens Circle, Palm Beach Gardens (Getty, Central Gardens)
Robert Lapidus and David Levinson with 3333 Central Gardens Circle, Palm Beach Gardens (Getty, Central Gardens)

UPDATED, Dec. 15, 2020, 11:52 a.m.: The founders of New York-based L&L Holding Company paid $46.8 million for a 124-unit apartment complex in Palm Beach Gardens.

David Levinson and Robert Lapidus bought the complex on almost 7 acres at 3333 Central Gardens Circle, according to records. The complex, known as Central Gardens Grand, opened in 2018. The deal equates to about $377,000 a unit.

The seller was a company tied to Schottenstein Real Estate Group. Schottenstein is based in Columbus, Ohio, and is led by Gary Schottenstein.

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The four-story complex offers units of up to three bedrooms and up to 1,825 square feet, according to an online listing. It features a pool, fitness center, a 13,000-square-foot clubhouse, putting green and dog park.

In June, L&L expanded outside of Manhattan for the first time, partnering with Carpe Real Estate Partners to build a mixed-use project in Miami’s Wynwood.

The sale of Central Gardens Grand comes amid a flurry of multifamily deals before year’s end. This month has seen a New York-based multifamily real estate investment firm pay $124 million for apartment complexes in Miramar; an affiliate of Sterling Equities pay $95.3 million for a newly built Pompano Beach rental complex along the Intracoastal Waterway; and a California-based real estate management company paid $80 million for a 224-unit Palm Beach Gardens apartment community.