Luxury Community Changes Hands in West Palm Beach

Sole at City Center. Image courtesy of Newmark Knight Frank

Alliance Residential Co. has sold Broadstone City Center, a 315-unit luxury community in West Palm Beach, Fla. Nuveen Real Estate purchased the transit-oriented property and rebranded it as Sole at City Center.

Newmark Knight Frank Vice Chairmen Avery Klann and Hampton Beebe assisted the seller in the disposition. In March, Alliance Residential sold another Broadstone-branded asset in Fort Lauderdale, Fla.

Situated at 499 Evernia St. on more than 2.5 acres, Sole at City Center comprises studios, one- and two-bedroom floorplans averaging 819 square feet in a seven- and eight-story building. Amenities include a swimming pool, an art park and electric car charging stations, as well as a three-story clubhouse featuring a movie theater, fitness center and business center. The 2018-built community was 88.6 percent occupied as of December, according to Yardi Matrix data.

The property is just south of city center, adjacent to U.S. Route 1 and steps from a Virgin Trains WPB station providing quick access to Fort Lauderdale and Miami. The immediate area holds numerous options for shopping, dining and entertainment options, including the 72-acre Rosemary Square. Palm Beach International Airport is some 4 miles southwest.