Sam Zell’s Equity Residential just sold off yet another piece of its South Florida apartment portfolio.
The latest deal: A Boynton Beach apartment complex traded for nearly $27 million to a Texas investment advisor.
Equity originally paid $9.17 million for the 192-unit Heron Pointe Apartments in 1997, Palm Beach County property records show. The complex is made up of mid-rise buildings located at 10492-10010 Boynton Place Circle.
Through a deed recorded this week, Equity has now sold Heron Pointe to an affiliate of Highland Capital Management, an investment manager headquartered in Dallas, Texas. The sale price breaks down to nearly $140,000 per unit.
Chicago-based Equity, headed by investment guru Sam Zell, has been transitioning its apartment portfolio from suburban properties to urban centers like New York City. The investment trust recently closed a massive $5.4 billion apartment sale to the Starwood Capital Group as part of that move.