Griffis drops $79M for West Palm apartments amid lethargic rents, some supply overhang

Griffis Residential paid $78.5 million for a West Palm Beach apartment complex as part of its newly launched multifamily fund, despite lingering challenges facing the South Florida rental market. Suffern, New York-based Castle Lanterra, led by Elie Rieder, sold the eight-story, 263-unit property at 805 North Olive Avenue, according to property records and the real estate database Vizzda.  Greenwood Village, Colorado-based Griffis financed the deal with a $56.7 million loan from Northmarq Capital, which matures in 2036.  The sale price breaks down to nearly $300,000 per unit.  The building, consisting of studios, one- and two-bedroom units, was rebranded to Griffis […]

This article originally appeared on The Real Deal. Click here to read the full story.