Colorado Investor Buys South Florida Rental for $87M
JLL Real Estate Capital provided $58 million for the acquisition in West Palm Beach
By Julia Echikson June 18, 2025 11:45 am
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Griffis Residential paid $87 million for a multifamily tower in Downtown West Palm Beach, property records show.
Northwestern Mutual Life Insurance and Woodfield Development sold the asset with 223 units at 345 Banyan Boulevard, between North Olive Avenue and South Dixie Highway, a block north of Clematis Street. The sale equates to just over $390,000 per apartment.
JLL Real Estate Capital provided a $57.7 million acquisition loan, which is scheduled to mature in 2035. The Colorado-based buyer cannot convert the rental building into a condominium, according to the deed.
The sellers completed the 220,588-square-foot tower in 2023. Northwestern Mutual Life provided a $47 million construction loan two years prior, and North Carolina-based Woodfield Development had purchased the 1-acre site for $8.8 million in 2020.
The deal appears to be Griffis’ first acquisition in South Florida. The residential investor owns about 8,000 apartments, mostly around Denver, Austin and Seattle.
Representatives for Griffis Residential, Northwestern Mutual Life Insurance and Woodfield Development did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
