TA Realty buys 476-unit apartment complex in Palm Beach Gardens for $193M

TA Realty picked up a 476-unit apartment complex in Palm Beach Gardens for $193 million, marking a continuing uptick of multifamily investment sales in South Florida.  Boston-based TA Realty bought the gated garden-style community at 100 Portofino Drive from New York-based Blackstone, according to records and real estate database Vizzda. The deal breaks down to $405,462 per unit.  TA Realty assumed Blackstone’s existing $108.5 million Freddie Mac loan on the property, records show. Generally, buyers’ assumption of sellers’ existing loans on properties allows the buyers to secure debt with a lower interest rate. The practice has become more common in […]This article originally appeared on The Real Deal. Click here to read the full story.