Olen Properties Scores $60M Loan for Palm Beach Gardens Apartments
Olen Properties secured a $60.2 million loan for a 224-unit, Palm Beach Gardens apartment complex from U.S. Bank National Association, property records show.
The real estate management company closed on the rental property, The Hamptons at Palm Beach Gardens, for $80 million in December 2020, per records. Northwestern Mutual and ZOM Florida, in a joint venture, developed the residences, which opened in 2014, The Real Deal reported.
Located at 4045 Central Gardens Way, the complex sits near the upscale Old Palm Golf Club and the I-95 highway. Monthly rents for one- to four-bedroom apartments range between $1,636 and $3,051, according to Apartments.com.
The property holds four buildings, totaling 67,203 square feet, leaving six acres vacant, property records show.
Based in Newport Beach, Calif., Olen Properties manage and lease more than 6 million square feet of commercial space in California, Florida and Illinois, from high-rise office buildings to industrial warehouses, the company says. Representatives for Olen Properties could not be reached for comment.