The Cottonwood West Palm Apartments in West Palm Beach were sold for $85.3 million.

CC West Palm LLC, an affiliate of Salt Lake City-based Cottonwood Communities, sold the 245 apartments at 7100 Okeechobee Blvd. to PP CWPB Investors LLC, care of New York-based Pantzer Properties. CBRE Capital Markets provided the buyer with a $50.02 million mortgage that matures in 2029. Property data firm Vizzda confirmed the buyer and seller information.

The price equated to $340,816 per unit.

The apartment complex last traded for $66.92 million in 2019, so it had a nice gain in value. That’s a reflection of the sharp increase in rents in Palm Beach County over the past five years.

However, the recent rise in interest rates has depressed the value of apartment complexes because mortgage payments are higher. As a result, fewer South Florida apartment complexes have sold over the past year.

Totaling 314,116 square feet, the apartment complex was built on the 10.25-acre site in 2017. It was recently renamed the Point at Palm Beach Grove.

According to, units there range from 818 to 1,355 square feet and they rent from $1,990 to $2,830.


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