Mormon church expands South Florida portfolio with $102M purchase of apartment complex near Wellington

The Church of Jesus Christ of Latter-day Saints’ real estate arm dropped $102.4 million for an apartment complex near Wellington, marking its continued investment in South Florida. 

Property Reserve, which invests the church’s reserve funds into commercial real estate, bought the 284-unit Elan Polo Gardens at 4310 Chukka Lane in unincorporated Palm Beach County from Greystar, according to records and real estate database Vizzda. The deal breaks down to $360,500 per apartment. 

Charleston, South Carolina-based Greystar completed construction of the complex last year. Elan Polo Gardens consists of eight three-story apartment buildings, six one-story garages and a clubhouse on a 20.4-acre site, Vizzda records show. 

The complex offers one- to three-bedroom units, with monthly rents ranging from $2,116 to $3,000, according to its website. The complex is offering one month of free rent to new tenants, with some restrictions, the website shows. 

South Florida multifamily landlords have offered such concessions over the past year, as leasing slowed compared with unprecedented demand of 2021 and 2022. The frenzy was fueled by an influx of out-of-staters and a construction spree that increased supply and tempered demand. As of mid-2024, nearly 35,000 units were under construction, with a record 23,863 expected to be completed by the end of that year, according to a Berkadia report. 

Greystar, led by Bob Faith, who founded the firm in 1993, is a multifamily development, management and investment firm, according to its website. In 2023, it partnered with PGIM Real Estate on the $92.1 million purchase of the 448-unit Avana Palm Beach Gardens at 2750 Rio Vista Boulevard in Palm Beach Gardens. Greystar also paid $56.1 million for the 350-unit Avana Coral Springs at 3600 Terrapin Lane in Coral Springs in 2023. 

Led by CEO Ashley Powell, Property Reserve bought the Beacon Logistics Park in Hialeah last year in two deals. The seller was the industrial campus’ developers, Coral Gables-based Codina Partners and San Antonio, Texas-based Affinius Capital. Salt Lake City, Utah-based Property Reserve paid $174.3 million for 1.3 million square feet of warehouses on the northeast corner of Northwest 107th Avenue and Northwest 145th Place at Beacon, and then $55.8 million for a Beacon warehouse at  4141 West 91st Place. 

In July, Property Reserve bought the 315-unit Ellsworth apartment building at 1301 Southwest 80th Terrace in Plantation for $133 million. 

The Elan Polo Gardens deal closed last month, as South Florida experienced a flurry of multifamily investment sales. That’s customary because sellers and buyers rush to finalize their balance sheets prior to year-end. 

Also last month, Four Corners Development Group paid $48.6 million for the 210-unit  Nottingham Pine at 1 South Pine Island Road in Plantation, and FCP paid $67.5 million for the 250-unit Alexan Miramar at 3155 Southwest 147th Terrace in Miramar.