FT. LAUDERDALE, FL- Boston-based TA Associates purchased San Merano at Mirasol, a 476-unit multi-family complex in Palm Beach Gardens from the Kolter Property Co. of West Palm Beach for $69.6 million or $145,089 per unit. “We think that is the highest price per unit paid for a non-fractured apartment complex since June 2008,” says Robert Given, executive vice president at CB Richard Ellis in Miami who was one of the brokers for the seller, the other being Zack Sackley, director of operations at CB Richard Ellis in Miami.
“The last project which closed at this high a price per unit was the 464-unit Winston complex in Pembroke Pines, west of Hollywood,” says Givens. “We sold that property to Equity Residential,” he says.
“We were preparing to go to market with San Merano at Mirasol when we received unsolicited offers, so we accepted one,” says Given. “Four or five groups attempted to bid on the project,” he says. San Merano at Mirasol, a class A product, was completed in two stages in 2002 and 2004, according to Given.
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