Greystar and Artemis Real Estate Partners bought a 220-unit age-restricted apartment complex in Palm Beach Gardens for $69.4 million.
Charleston, South Carolina-based Greystar and Chevy Chase, Maryland-based Artemis bought the Everleigh Palm Beach Gardens at 3660 RCA Boulevard from United Group of Companies and Sina Companies, according to records and real estate database Vizzda. The buyers borrowed $50.1 million from PGIM Real Estate. The price amounts to $315,455 per unit.
Troy, New York-based United Group and Palm Beach Gardens-based Sina developed the complex, consisting of a pair of L-shaped buildings, in 2021, records show. It was developed on the 10.7-acre site of the Amara Shrine Center on RCA Boulevard, a fraternal organization.
Everleigh consists of one-bedroom and two-bedroom apartments for tenants 55 and older, according to the community’s website.
Apartments.com shows monthly rents range from $2,764 to $6,910, with Everleigh’s website showing that tenants could get up to two months free for base rent.
Led by Bob Faith, Greystar is an investment, development and management firm focusing on multifamily, including student and senior housing, and logistics properties, according to its website. It manages about 1.1 million multifamily units, and has roughly $79 billion of assets under management and $36 billion worth of development projects.
In January, it sold the 284-unit Elan Polo Gardens apartment complex at 4310 Chukka Lane in unincorporated Palm Beach County to Property Reserve, The Church of Jesus Christ of Latter-day Saints’ real estate arm, for $102.4 million. Greystar then bought the 358-unit Avana at the Moors complex at 6200 Northwest 173rd Street in unincorporated Miami-Dade County for $93.5 million.
In May, Greystar picked up a 36-acre industrial development site approved for three warehouses at the corner of Lyons Road and Atlantic Boulevard in Coconut Creek for $30.5 million.
Artemis, an investment manager that’s purchased more than $16 billion of real estate, was set to be acquired by Charlotte, North Carolina-based Barings in the first quarter of this year, according to its website. Financial terms of the deal weren’t disclosed.
The Sunshine State has been a magnet for retirees for years, with South Florida senior housing generally enjoying continuing demand. (These communities offer independent, active living, which is different from facilities offering assisted living, memory care and skilled nursing.)
Investors and developers have taken note.
In January, AEW Capital Management bought the 424-unit senior living Welling Bay complex at 2590 Wellington Bay Drive in Wellington for $100.1 million. Last year, Walton Street Capital bought the 136-unit Alamar Senior Living community at 8785 Lake Worth Road in unincorporated Palm Beach County for $23.5 million.
Developer Lewis Swezy’s Centennial Management plans an 80-unit age-restricted rental building at 4052 Northwest 22nd Avenue, near Miami-Dade County’s Earlington Heights Metrorail stop. The project will be for tenants 55 and older and earn from 30 percent to 80 percent of the area median income. In January, Pinnacle proposed a 110-unit affordable apartment project on the southeast corner of South Dixie Highway and Southwest 250th Street in Miami-Dade’s Princeton neighborhood.
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