{"id":922,"date":"2025-10-24T14:57:30","date_gmt":"2025-10-24T19:57:30","guid":{"rendered":"https:\/\/www.brickellsold.com\/blog\/blackstone-sells-palm-beach-gardens-rentals-to-ta-realty\/"},"modified":"2026-04-13T10:49:15","modified_gmt":"2026-04-13T14:49:15","slug":"blackstone-sells-palm-beach-gardens-rentals-to-ta-realty","status":"publish","type":"post","link":"https:\/\/www.brickellsold.com\/blog\/blackstone-sells-palm-beach-gardens-rentals-to-ta-realty\/","title":{"rendered":"Blackstone Sells Palm Beach Gardens Rentals to TA Realty"},"content":{"rendered":"<\/p>\n
\n

TA Realty picked up a 476-unit apartment complex in Palm Beach Gardens for $193 million, marking a continuing uptick of multifamily investment sales in South Florida.\u00a0<\/p>\n

Boston-based TA Realty bought the gated garden-style community at 100 Portofino Drive from New York-based Blackstone, according to records and real estate database Vizzda. The deal breaks down to $405,462 per unit.\u00a0<\/p>\n

TA Realty assumed Blackstone\u2019s existing $108.5 million Freddie Mac loan on the property, records show. Generally, buyers\u2019 assumption of sellers\u2019 existing loans on properties allows the buyers to secure debt with a lower interest rate. The practice has become more common in the past three years due to elevated interest rates.\u00a0<\/p>\n

Completed in 2002 and 2003, the complex consists of 31 two-story apartment buildings on a 31-acre site, Vizzda records show. The community, previously called San Merano at Mirasol, has one- to three-bedroom apartments, according to Apartments.com. Rents aren\u2019t listed.\u00a0<\/p>\n

TA Realty previously owned the complex, purchasing it for $69.1 million from developer Kolter in 2010. In 2017, TA Realty sold it to Blackstone, led by Stephen Schwarzman, for $103.6 million, according to records.\u00a0<\/p>\n

TA Realty \u2013\u2013 led by managing partners James Buckingham, Michael Haggerty and James Raisides \u2013\u2013 has roughly $19 billion of assets under management across commercial property types, according to its website.\u00a0<\/p>\n

In January, TA Realty paid $118 million for the 300-unit Pines West apartment complex at 16700 Sheridan Street in Pembroke Pines.\u00a0<\/p>\n

In June, the firm bought a 43.7-acre industrial development site in Opa-locka from Blackstone for $105.7 million. The site at 12691 Northwest LeJeune Road is planned as the second phase of Ironwood Commerce Center. TA Realty also bought the completed portion of Ironwood Commerce Center at 12700 Northwest 42nd Avenue for $160 million from Blackstone and its Link Logistics affiliate in December. Blackstone and its Link Logistics subsidiary have been unloading industrial properties in South Florida over the past year, with the selloff totaling roughly $1 billion.\u00a0<\/p>\n

South Florida multifamily sales have picked up this year after slowing last year largely due to the higher interest rates. Many buyers are relying on discretionary funds, which need to deploy capital; Freddie Mac and Fannie Mae loans; and debt from insurance companies. Others are assuming sellers\u2019 loans or purchasing all cash.\u00a0<\/p>\n

This month, Tishman Speyer bought the 270-unit Bell at Broken Sound at 5500 Broken Sound Boulevard Northwest and 950 Northwest Broken Sound Parkway in Boca Raton for $124.5 million. Tishman Speyer used a $78.4 million Fannie Mae loan for the purchase.\u00a0<\/p>\n

Also this month, Morgan Properties paid $69.95 million for the 300-unit Visions at Willow Pond complex at 4860 Sand Stone Lane near West Palm Beach. Morgan borrowed a $49.9 million Freddie Mac loan for the purchase.\u00a0<\/p>\n

In August, Related Fund Management bought the 292-unit Aura Delray Beach at 2095 West Atlantic Avenue in Delray Beach for $116.9 million. The buyer also used a $59.1 million Freddie Mac loan for the purchase.\u00a0<\/p>\n

\n
\n
\n

Table of Contents<\/p>\nToggle<\/span><\/path><\/svg><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n