Boston Investor Buys South Florida Rental Property for $118M
Citi provided a $153M acquisition loan
By Julia Echikson November 7, 2025 5:25 pm
reprints
West Shore has paid $117.9 million for a multifamily community in Palm Beach Gardens, Fla., property records show.
The 21-acre property includes 542 apartments at 4120 Union Square Boulevard, between North Military Trail and Interstate 95. The community, which was built in 1971, houses 34 two-story buildings.
The seller, Aventura-based Advenir, bought the 524,755-square-foot property for $97.4 million in 2018. The recent sale equates to about $217,500 per apartment.
Citi Real Estate Funding provided a $152.9 million acquisition loan to Boston-based West Shore. The debt was part of a $600 million package to both refinance five stabilized assets in Florida, Virginia, North Carolina and Kentucky, and fund the purchase of two other properties with 1,496 units in total across South Carolina and Ohio.
The Palm Beach Gardens acquisition expands West Shore’s multifamily portfolio in Florida to 18 properties, totaling 5,852 units.
The deal comes about two weeks after TA Realty bought back another rental community in Palm Beach Gardens, the 476-unit San Merano at Mirasol, for $193 million.
Representatives for West Shore and Advenir did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
