1/10/2008

Tarragon sells Florida apartments for $60M

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Floresta Apartments

New York City-based Tarragon Corporation has sold the 311-unit Floresta Apartments in Jupiter, Fla., to TGM Floresta, LLC for $60.25 million, according to Palm Beach County assessment records.

George Vail, Manuel de Zárraga and Ike Ojala of Holliday Fenoglio Fowler's Miami office represented Tarragon in the transaction.

The apartments are located at 400 Via Royale on 33 acres near the new Scripps Research Institute. Built in 2004, the complex had a 95 percent occupancy rate with a unit mix of one, two, three and four-bedroom units.

Tarragon purchased the apartments in February 2006 for $83.95 million from Gables Jupiter, LLC.

Jupiter is located roughly 20 miles north of Palm Beach and has a population of 39,328.

Address: 400 Via Royale, Jupiter, Fla.

Size: 311 units

Built: 2004

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Filed Under: Multi-Family

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