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542-Unit Palm Beach Gardens Complex Sells For $97M

The Fountains, in Palm Beach Gardens, Florida.
The Fountains, a 542-unit property in Palm Beach Gardens, is under contract to sell for $97.3M.

BRT Apartments Corp., a publicly traded REIT based in Great Neck, New York, announced that it has a contract to sell a Palm Beach Gardens multifamily property for $97.3M.

The Fountains Apartments includes 542 units. The sale is expected to close in the second quarter. The buyer was not disclosed.

Palm Beach County property records show that The Fountains is owned by an entity called Landmark at Garden Square LLC, which is associated with Electra America. The property was last bought in March 2012 for $53.9M. 

In the fiscal year ending in September, the property generated $9.2M of rental and other revenue, BRT said in the sale announcement. The sale coincides with an expected flattening of rent growth in South Florida after years of gains.

“We anticipate that in the short-term, we will be able to recycle the proceeds from this sale into accretive acquisition opportunities," BRT President and CEO Jeffrey Gould said in a statement.

Messages left at both BRT Apartments and Electra America were not returned by press time.