The Real Deal Miami

Investors pay $35.5M for Boynton Beach apartments

Buyers paid $10M more than last sale price

July 10, 2015 04:35PM

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The Colony Club apartment complex in Boynton Beach, now named Avana Isles.

The Colony Club apartment complex in Boynton Beach, now named Avana Isles.

A national developer and manager of multifamily properties reportedly just picked up an apartment complex just outside of Boynton Beach for $35.5 million.

Bob Faith, CEO of Greystar

Bob Faith, CEO of Greystar

An affiliate of Greystar, which has local offices in Fort Lauderdale, was named as the buyer of Colony Club apartments at 7132 Colony Club Drive, the South Florida Business Journal reported. The company took out $25.3 million in financing from BB&T Bank to buy the complex, which it renamed Avana Isles.

The apartments were built in 2003 on a 13.1-acre development site. Ten buildings house the complex’s 214 units, which surround a man-made lake. Another 10.7 acres of vacant land were reportedly included in the deal.

The seller was an affiliate of Aventura-based investor Advenir, which paid $25.3 to acquire the apartments in 2012. [South Florida Business Journal] — Sean Stewart-Muniz

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