Palm Beach County Apartments Trade for $102M

A newly built multifamily complex in unincorporated Palm Beach County, Fla., has sold for $102.4 million, or $360,000 per unit, according to a deed.

Southeast Commercial, an affiliate of The Church of Jesus Christ of Latter-day Saints, acquired the 284-unit Elan Polo Gardens apartments at 4310 Chukka Lane, just east of Wellington, Fla.

An affiliate of multifamily developer Greystar of Charleston, S.C., sold the apartment complex that was completed in 2023 along the south side of Lake Worth Road, according to property records.

Monthly rents at Elan Polo Gardens range from $2,116 to $3,055 for units of 715 to 1,258 square feet, according to Apartments.com. The complex includes conference rooms, a yoga lawn and electric vehicle charging stations.

Rentcafe reports that Palm Beach County’s apartment market has grown more competitive for tenants.

“This surge is driven by a notable 6 percent year-over-year increase in the lease renewal rate, which is now at 68.9 percent, despite a 3.34 percent growth in housing supply this year, up from 2.7 percent in 2023,” RentCafe said in a recent report.

Meanwhile, Elan Polo Gardens is not the first South Florida apartment acquisition by Southeast Commercial. In July 2024, the Latter-day Saints church paid $133 million for an apartment complex in Plantation, Fla.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.