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WEST PALM BEACH, FL-Alliance Holdings LLC has purchased the Cascades apartments here for $23.1 million, or approximately $73,101 per unit. The seller was the Rreef Funds.

The Cascades, located at 1400 Village Blvd., is a 316-unit luxury apartment community built in 1991 located in the Villages of Palm Beach Lakes, a 1400-acre, master-planned golf course community. The apartments are centered around Bear Lakes Golf & Country Club, which was designed by Jack Nicklaus.

The Florida office of Apartment Realty Advisors, a national multifamily brokerage and investment advisory company, represented the Rreef Funds in the transaction. Marc deBaptiste and Richard Donnellan, both principals with the company, led ARA’s marketing team.

“Palm Beach County continues to be one of the primary target markets for multifamily investors,” according to deBaptiste. “During the previous 12 months, the average single-family home price increased 25%, making it more difficult for renters to purchase homes.”

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