Multifamily giant Greystar acquired the Gardens East apartments in Palm Beach Gardens for $92.16 million – marking its second South Florida deal with the same seller within a few days.

Magazine Gardens East, care of PGIM Real Estate in Newark, New Jersey, sold the 448 apartments at 10000 Alternate A1A to GS Palm Beach Owner LLC, an affiliate of Charleston, South Carolina-based Greystar. Berkeley Point Capital, doing business as Newmark, awarded a $72.71 million mortgage to the buyer. Property data firm Vizzda confirmed the parties involved.

The price worked out to $205,714 per unit.
The last time the property traded with a regular deed was in 2000 for $32.5 million, but it changed hands several times since through LLC transfers at undisclosed amounts.

Built on the 44.3-acre site in 1991, Gardens East totals 390,319 square feet and features a clubhouse, fitness center, hot tub, pool, tennis courts and playground.

According to, Greystar renamed the community Avana Palm Beach Gardens. Available units range from 750 to 1,100 square feet.

On July 27, PGIM sold a Coral Springs apartment complex to Greystar.

There has been a slowdown in apartment sales in South Florida this year amid rising interest rates and more conservative terms from lenders, but some buyers are still able to find good value.


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