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Greystar acquires Florida housing complex for $84M

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Greystar acquires Florida housing complex for $84M

Greystar Real Estate Partners LLC purchased a residential development in Palm Beach Gardens, Fla., for $83.6 million from a partnership between UBS Realty Investors LLC and a real estate investment trust operating under private equity firm TPG Capital, The Real Deal reported, citing real estate records.

The Mira Flores Apartments estate at the 22-acre 11900 Valencia Gardens Ave. site contains 352 units, which transacted for approximately $237,500 each. The estate is made up of six two-floor buildings, a pool, playground, and racquetball and tennis courts.

The joint venture first picked up the apartment complex in 2011 for $48.5 million, according to the Dec. 13 report, also citing property records.