The Church of Jesus Christ of Latter-day Saints has acquired a West Palm Beach apartment complex for $102.38 million, according to a report from the South Florida Business Journal.
Elan Polo Gardens will go under the possession of Southeast Commercial LLC, which is operated by the church through its investment unit, Property Reserve.
The 20.35-acre site at 4310 Chukka Lane in Lake Worth offers a mix of one, two, and three-bedroom apartments. The available listings on Apartments.com range the sizes of the units from 715 to 1,258 square feet.
Amenities include high-speed WIFI, stainless steel appliances package, private balcony or terrace, gaming lawn, clubhouse, fireside lounges, and a Property Reserve. Also, Elan Polo is within 10 minutes of the Wellington Green Mall.
Greystar was the seller of the property, which was recently completed after first beginning construction in 2022.
For many multifamily landlords, high supply has been difficult to navigate around. However, some markets are starting to hit their peaks for apartments, including Central Florida, according to RealPage in a recent analysis. The property management software firm also said that South Florida and the Carolinas will likely experience their supply peak in a few more quarters, while Jacksonville will be one market to watch with its aggressive development pipeline.
Greystar, which operates in 171 markets in the U.S., manages over 820,000 beds and units in its portfolio. Additionally, the firm manages a total of $29 billion in equity and has 355 rental housing projects.