Colorado Investor Buys Downtown West Palm Rental for $79M
Northmarq provided a $57 million Fannie Mae-backed acquisition loan
By Julia Echikson March 13, 2026 4:15 pm
reprints
Griffis Residential paid $78.5 million for a multifamily complex in Downtown West Palm Beach, Fla., property records show.
The 263-unit building sits on a 2.45-acre parcel, occupying nearly a full block at 805 North Olive Avenue, between Sixth Street and Eucalyptus Street. The 279,601-square-foot building — which the Colorado-based buyer has already renamed as Griffis North Olive — includes a tennis court and pool.
NorthMarq Capital provided a $56.7 million Fannie Mae-backed acquisition loan, which is set to mature in 2036. The New York-based seller, Castle Lanterra Properties, bought the property for $63.5 million in 2017, two years after its completion.
The recent transaction is the first purchase from Griffis Residential’s $500 million Fund VII.
The acquisition also adds to Griffis Residential’s South Florida portfolio. Last year, it paid $87 million for a 223-unit high-rise at 345 Banyan Boulevard, five blocks south of Griffis North Olive. Within South Florida, it also owns another multifamily asset in Pompano Beach: a 144-unit complex at 275 North Federal Highway.
Griffis’ purchase in West Palm Beach comes as the city undergoes a major transformation, becoming a nascent business hub. Developer Stephen Ross has successfully lured high-profile companies, including Goldman Sachs and J.P. Morgan Chase, to open offices in West Palm, and has two more office developments under construction.
Representatives for Griffis Residential and Castle Lanterra Properties did not immediately respond to a request for comment.
Julia Echikson can be reached at juliaechikson@commercialobserver.com.
