Luxury home builder sells house in Palm Beach Gardens for $5.3M

12229 Plantation Way and Paul Courchene (Credit: Palm Beach County Property Appraiser and Courchene Development)

Luxury home builder Courchene Development Corp. just sold a recently completed home in Palm Beach Gardens for $5.3 million, property records show.

Robert and Adele Balemian, listed as trustees of the Balemian Family Trust, are the buyers of the home at 12229 Plantation Way in Old Palm Golf Club. The community spans 651 acres and features a 33-acre golf practice facility and a 43,000 square-foot clubhouse and spa, according to its website.

Paul Courchene, who heads the Boca Raton-based development firm, could not be immediately reached for comment, and structural details of the house are not available in records. Custom estates within the private residential golf community range from 7,000 square feet to more than 15,000 square feet and are priced between $5 million to $15 million, according to its website.

The developer paid $1.4 million for the property in 2016. The company owns and is building a number of homes within the golf community. Records show Courchene bought the half-acre lot from real estate investment group Clarion Partners, which purchased at least 19 parcels in the community for $26 million in 2010, records show.

A number of investors have been buying property in Palm Beach Gardens. Nearby, PGIM Real Estate paid $118 million in July for a 340-unit apartment complex. In December, Rockbridge Capital paid $29 million for the Palm Beach Gardens Marriott at 4000 RCA Boulevard.

Therealdeal.com