Ian Griffis And David Birnbaum Of Griffis Residential Acquire Multifamily Complex In West Palm Beach For $78.5M

The multifamily asset at 805 North Olive Avenue in West Palm Beach is a 263-unit apartment complex, boasting a total of 279,601 square feet and situated on 2.45 acres. The property was acquired for a sale price of $78,500,000, reflecting a price per unit of $298,479 and a price per square foot of $281.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $78,500,000
• Buyer: Ian Griffis & David Birnbaum - Griffis Residential
• Seller: Elie Rieder - Castle Lanterra Properties
• Lender: NorthMarq Capital
• Units: 263
• SF: 279,601

This transaction marks the first investment from Griffis Residential’s $500 million Fund VII. The financing for the acquisition was secured through a $56.7 million Fannie Mae-backed loan provided by NorthMarq Capital.