New owner for apartment complex in downtown West Palm Beach

The new Loftin Place apartments in West Palm Beach. (Bill Ingram/Palm Beach Post)

A New York landlord is the new owner of the Loftin Place apartments in downtown West Palm Beach.

Castle Lanterra Properties of Suffern, N.Y., paid an undisclosed amount for the 259-unit complex at 805 N. Olive Ave.

The new owner wouldn’t say how much it paid, and no deed has been recorded. But the sale price was rumored to be more than $60 million, a reflection of intense demand for shiny new rental units.

UPDATE: Castle Lanterra says it paid $63.5 million for the property.

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