The 311-unit Floresta apartments were sold to Northland Floresta, an affiliate of Newton, Massachusetts-based Northland Investment Group. TGM Associates sold the apartments, located in Jupiter's Abacoa community, for $76 million, which rounds out to $244,373 per unit. It previously sold in 2007 for $60.25 million.

“Floresta is a Class A quality asset in one of the most desirable locations in Florida,” says Steve Rosenthal, CEO. “Situated on 33 beautiful acres including a private lake, it offers the best of what residents expect from life in southern Florida—vibrant outdoor spaces, top-notch amenities and convenient access to the classic charm and modern shopping, dining and entertainment options of Abacoa and Palm Beach County.”

JBM Institutional Multifamily Advisors was both the buyer's and listing broker company.