Olen Properties, based in Newport Beach, California, has acquired the Ibis Reserve apartment community in West Palm Beach for $44 million. Built in 2000, the 234 unit complex on Ibis Reserve Circle traded for just under $188,035 per unit. The property totals 319,647 square feet and includes a pool, a clubhouse, lake, a fitness center, and a tennis court. The seller of the asset was Chicago-based AMLI Residential. This purchase marks the 13th residential property in South Florida for Olen.
