AvalonBay has paid $103m for Alexander Living, a two-building luxury community in West Palm Beach, Florida The properties, The Alexander and Alexander Lofts, total 290 units and sold for just under $355,175 per apartment. The Alexander consists of 205 units on 20 floors and was turned into luxury apartments last year. Originally constructed in 1926, Alexander Lofts once served as the headquarters for Southern Bell Telephone and was redeveloped into luxury units in 2005. Shared amenities include a swimming pool and club room, an expansive 24-hour fitness center, an executive business and conference center and a personal video entry system. Newmark Knight Frank facilitated the sale. The sellers were Ram Realty Advisors and Kolter Urban
“We are constantly looking for opportunities to reinvent existing buildings. Alexander Lofts met that criteria,” said Casey Cummings, CEO of Ram Realty Advisors. “We also tend to pursue locations that are emerging rather than those that are established. This part of West Palm Beach was, and is, undergoing a renaissance. By virtue of our direct execution teams and internal discretionary capital, we can take calculated risks where others may not.”
