Greystar Buys Palm Beach Gardens Rental From PGIM For $92M

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Greystar and PGIM Real Estate are once again trading in South Florida.

Greystar, one of the country’s largest residential investors, paid $92.16 million for a 448-unit complex that totals 390,319 square feet and was completed in 1991. Located at 10000 Alternate A1A and 2750 Rio Vista Boulevard in Palm Beach Gardens, the property sits on 44 acres. 

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The deal comes less than a week after the South Carolina-based Greystar acquired another residential asset — a 350-unit, garden-style property in Coral Springs — from PGIM, the asset management arm of Prudential Financial.

It’s unclear whether the trades, which total nearly $150 million, are part of a portfolio sale. Neither companies’ representatives responded immediately to requests for comment. 

Property records suggest that PGIM acquired the Palm Beach Gardens property in 2006, but the log does not list a sale price. The last price on record dates back to 2000, when a Maryland-based firm paid $32.5 million.

The deals are the latest examples of a recent uptick in South Florida multifamily sales following a dip after the Federal Reserve raised interest rates, starting in March 2022. 

In June, Related Group and Rockpoint sold a newly completed apartment complex in Lantana for $138 million. Last week, PGIM sold a 293-unit rental property in Plantation for $86 million.

Julia Echikson can be reached at jechikson@commercialobserver.com.