An affiliate of Alliance Residential Co. and The Carlyle Group paid $11.5 million for a development site in West Palm Beach and scored a $42.9 million loan for construction of a 280-unit multifamily project.
The companies bought 30 acres of land next to a church at 3590 Village Boulevard, according to records. Santander Bank provided the loan.
The property’s seller is First Baptist Church of West Palm Beach, also known as Family Church, according to records. The church is led by Pastor Jimmy Scroggins, according to its website. It operates multiple locations in South Florida, including in West Palm Beach, Jupiter and Port St. Lucie.
Documents filed last year with the city of West Palm Beach show plans for a 280-unit multifamily development called Broadstone Lakeside, which should comprise six four-story mid-rise buildings. In October, the South Florida Water Management District issued a permit for the proposed Broadstone Lakeside multifamily project, plus improvements to the existing church on site.
Alliance is based in Phoenix and led by Bruce Ward. Carlyle Group is based in Washington, D.C., and led by Kewsong Lee.
Last year, Alliance Residential sold a 130,000-unit portfolio to Greystar for $200 million. The company also sold a luxury apartment project in West Palm Beach for $103.5 million, which ranked as one of the largest South Florida multifamily deals of 2020.
A separate Carlyle Group-Alliance Residential affiliated entity sold a newly built Pompano Beach rental complex along the Intracoastal Waterway for $95.3 million in December.