MIAMI—The Fountains at Palm Beach Gardens, a 542-unit, value-add multifamily community in Palm Beach Gardens, FL, has traded hands. Advenir acquired the asset for $97.25 million, or $179,428 per unit.

ARA Newmark brokered the sale. Executive managing directors Hampton Beebe and Avery Klann; director Jonathan Senn; transaction manager Matt Scarola; and vice chairmen Dick Donnellan and Marc deBaptiste represented the seller, Landmark at Garden Square.

“The Palm Beach Gardens submarket has experienced sustained population and employment growth in this cycle,” Beebe tells GlobeSt.com. “The growth can be attributed to a variety of factors including great schools, access to beaches and fabulous parks, ample retail from luxury retailers to the best in daily needs, low crime, and easy access to both Interstate 95 and Florida's Turnpike.”