The Jefferson Palm Beach apartment complex in West Palm Beach traded hands in June for $56 million, or $198,936 a unit, according to county property records.
The new owners are Dedicated West Palm Beach LP and GP Florida LLC.
The address of Dedicated West Palm Beach is listed as the address of Brass Enterprises, based in Toronto, Canada. Brass is a real estate investor in multifamily housing in both the U.S. and Canada.
The newly built rental community was completed a year ago. It consists of 281 units. Monthly rents now range from $1,547 for a one-bedroom unit to $2,041 to a three-bedroom unit.
The Jefferson Apartments are at 300 Courtney Lakes Circle, near the Palm Beach Outlets, off of Palm Beach Lakes Blvd.
The Jefferson’s sales price was a nice premium for the apartment’s developer, JAG-Star, an affiliate of Starwood Capital of Greenwich, Ct. JAG-Star bought the 11-acre parcel of land in 2012 for $4 million.