UPDATED, Dec. 15, 2020, 11:52 a.m.: The founders of New York-based L&L Holding Company paid $46.8 million for a 124-unit apartment complex in Palm Beach Gardens.
David Levinson and Robert Lapidus bought the complex on almost 7 acres at 3333 Central Gardens Circle, according to records. The complex, known as Central Gardens Grand, opened in 2018. The deal equates to about $377,000 a unit.
The seller was a company tied to Schottenstein Real Estate Group. Schottenstein is based in Columbus, Ohio, and is led by Gary Schottenstein.
The four-story complex offers units of up to three bedrooms and up to 1,825 square feet, according to an online listing. It features a pool, fitness center, a 13,000-square-foot clubhouse, putting green and dog park.
In June, L&L expanded outside of Manhattan for the first time, partnering with Carpe Real Estate Partners to build a mixed-use project in Miami’s Wynwood.
The sale of Central Gardens Grand comes amid a flurry of multifamily deals before year’s end. This month has seen a New York-based multifamily real estate investment firm pay $124 million for apartment complexes in Miramar; an affiliate of Sterling Equities pay $95.3 million for a newly built Pompano Beach rental complex along the Intracoastal Waterway; and a California-based real estate management company paid $80 million for a 224-unit Palm Beach Gardens apartment community.