Amid apartment frenzy, two complexes sell

Ibis Reserve in West Palm Beach sold for $44 million. Photo courtesy Olen Properties.

Ibis Reserve in West Palm Beach sold for $44 million. Photo courtesy Olen Properties.

Apartments might be the hottest corner of Palm Beach County’s real estate market. Some 2,000 new units are under construction, rents are soaring and investors are snapping up apartment complexes.

Olen Properties of Newport Beach, California, paid $44 million, or $188,000 a unit, for the 234-unit Ibis Reserve in West Palm Beach, according to a deed made public Wednesday. The seller was AMLI Residential, which built the complex in 2000.

In a separate deal made public Wednesday, the 163-unit Mallards Landing near West Palm Beach sold for $10.9 million, or $67,000 a unit. The property was built in the 1980s.

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