Alliance, Carlyle Buy West Palm Development Site from Church
A subsidiary of Alliance Residential Co. and The Carlyle Group paid $ 11.5 million for a development site in West Palm Beach and secured a loan of $ 42.9 million to build a multi-family project of 280 units.
The companies bought 30 acres of land next to a church at 3590 Village Boulevard, according to records. Santander Bank granted the loan.
The seller of the property is First Baptist Church of West Palm Beach, also known as Family Church, according to records. The church is headed by Pastor Jimmy Scroggins, according to his website. It operates several sites in South Florida, including West Palm Beach, Jupiter and Port St. Lucie.
Documents filed with the City of West Palm Beach last year show plans for a 280-unit multi-family development called Broadstone Lakeside, which is expected to include six four-story mid-rise buildings. In October, the South Florida Water Management District issued a permit for the proposed Broadstone Lakeside multi-family project, along with improvements to the existing on-site church.
Alliance is based in Phoenix and led by Bruce Ward. Carlyle Group is based in Washington, DC, and led by Kewsong Lee.
Last year, Alliance Residential sold a portfolio of 130,000 units to Greystar for $ 200 million. The company also sold a luxury apartment project in West Palm Beach for $ 103.5 million, which is one of the the largest 2020 South Florida Multi-Family Deals.
A separate affiliate of Carlyle Group-Alliance Residential has sold a new rental complex at Pompano Beach along the Intracoastal Waterway for $ 95.3 million in December.