Greystar buys Palm Beach Gardens multifamily complex for $92M

For the second time in a week, Greystar and PGIM Real Estate cut a deal for a South Florida multifamily project.

An affiliate of Charleston, South Carolina-based Greystar paid $92.1 million for Gardens East by Arium, a 448-unit apartment complex at 10000 Alternate A1A in Palm Beach Gardens, according to records and Vizzda. The deal breaks down to $205,714 per apartment.

The buyer obtained a $72.7 million mortgage from Berkeley Point Capital.

The seller, an affiliate of Newark, New Jersey-based PGIM, acquired Gardens East by Arium in 2021. PGIM and its joint venture partner, Atlanta-based Carroll Organization, bought the complex as part of a 12-property Florida multifamily portfolio purchased for an undisclosed amount, published reports state. 

The PGIM affiliate’s sale of Gardens East by Arium comes as RMR Group, headed by Adam Portnoy, announced that it is buying the Carroll Organization for $80 million in an all-cash deal. Patrick Carroll, the controversial CEO of Carroll Organization, will step down from his namesake firm when the deal is completed in the fall. 

Built in 1991 on a 44.3-acre site, Gardens East by Arium is being renamed Avana Palm Beach Gardens. The garden-style community offers a mix of one- and two-bedroom apartments ranging from 750 square feet to 1,100 square feet, according to Apartments.com. 

A few days ago, a separate PGIM entity sold another South Florida multifamily property to Greystar that was also part of the portfolio acquired with Carroll: Park Place At Turtle Run in Coral Springs. Greystar, led by CEO Bob Faith, paid $56.1 million for the 350-unit rental community. 

PGIM, led by CEO Eric Adler, is on a multifamily selling spree. Also this month, the firm sold a 293-unit apartment complex in Plantation for $86 million to a joint venture between Atlantic Pacific Companies and LEM Capital. And last month, PGIM sold two rental buildings in Plantation for $88.4 million to Chicago-based Waterton.