Olen Properties Gained $60 Million Loan For Palm Beach Gardens Apartments

Olen Properties acquired a $60.2 million loan for a 224-unit, Palm Beach Gardens apartment complex from U.S. Bank National Association.

The real estate management company agreed on the rental property, The Hamptons at Palm Beach Gardens, for $80 million in December 2020. Northwestern Mutual and ZOM Florida, in a joint venture, developed the residences, which opened in 2014 as per property records.

Settled at 4045 Central Gardens Way, the complex sits near the upscale Old Palm Golf Club and the I-95 highway. Monthly rents for one- to four-bedroom apartments range between $1,636 and $3,051, according to Apartments.com. The property holds four buildings, totaling 67,203 Sq Ft., leaving six acres empty.

Based in Newport Beach, California, Olen Properties manage and lease more than 6 million Sq Ft. of industrial space in California, Florida, and Illinois, from high-rise office buildings to industrial warehouses, the company states. 

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