Miami-Area Development Site Sells for $21M
The new owner will use the land to develop a 396-unit apartment project.
The Richman Group has acquired the PGA Station development site in Palm Beach Gardens, Fla., for $20.5 million.
JLL Capital Markets brokered the transaction on behalf of the seller, Catalfumo Cos. The new owner plans to develop 396 units in a single, mid-rise building, along with structured parking.
The community will offer studios and one- to three-bedroom units, according to Yardi Matrix data. Amenities will include a fitness center, business center, clubhouse, pool and spa. A total of 606 parking spaces will also be available.
The 3.61-acre site is located at 4001 Design Center Drive, 1 mile southwest of The Gardens Mall and downtown Palm Beach Gardens, within an existing office park that is currently being redeveloped. Several retail, dining and entertainment options are available within a 1-mile radius.
Director Simon Banke, Managing Director Maurice Habif and Executive Managing Director Manny De Zárraga led the JLL Capital Markets team that represented the seller.