New York Life buys Brightline West Palm apartments for $115M – The Real Deal

Kolleen OP Cobb and 591 Evernia Street (FECI, Google Maps)

New York Lifes real estate investment arm paid $114.8 million for the apartment tower next to Brightlines West Palm Beach station.

Brightline parent Florida East Coast Industries, one of Floridas oldest and largest real estate and infrastructure holding companies, sold the 24-story, 290-unit Park-Line Palm Beaches building at 591 Evernia Street, according to property records.

FECI General Counsel and Chief Administrative Officer Kolleen Cobb signed the deed.

Coral Gables-based FECI is also the parent of Flagler Global Logistics, an integrated logistics company, and Flagler, a full service commercial real estate company. FECI is part of Fortress Investment Group, which is owned by Japans SoftBank Group.

FECI developed the West Palm apartment building in partnership with Lincoln Property Company, and completed construction in 2018.

Rents at Park-Line start at $1,625 a month, according to the propertys website. Amenities include a gym, game room, lounge and pool.

In January, Brightline launched leasing of Park-Line Miami apartment towers at Virgin MiamiCentral.

Last month, the Miami-Dade County Commission unanimously approved a resolution authorizing further discussions with Brightline, Florida East Coast Railway and the county to create a commuter rail. Under the resolution, the county would pay Brightline a lump sum of up to $50 million and an annual track access fee of up to $12 million a year for 30 years, in exchange for providing access to an affordable commuter rail train system.

Brightline suspended service in March and laid off 250 employees due to the pandemic. In August, Brightline and Virgin Trains ended their partnership agreement in South Florida.

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New York Life buys Brightline West Palm apartments for $115M - The Real Deal