Walton Street Capital pays $93M for South Florida rental complex

324-unit complex was recently completed

Chicago /
Jul.July 22, 2021 11:45 AM
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)

Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)

Walton Street Capital bought the Pacifica Boynton Beach apartment complex for $92.7 million.

Records show Walton Street, through an affiliate, bought the property at 1100 Audace Avenue from Miami-based Alta Developers.

The deal breaks down to $286,034 per unit.

The 324-unit complex consists of several buildings completed in 2019 and 2020 on roughly 10 acres, according to property records.

Alta bought the site for $11.5 million in 2016, records show.

The group, led by Raimundo Onetto, also developed the apartment projects EON Flagler Village in Fort Lauderdale and Quadro at the Miami Design District, as well as Neovita Doral condominium, according to its website.

Chicago-based Walton Street, which also has an office in Mexico City, is a private equity real estate firm founded in 1994, according to its website. Walton affiliates have invested or committed to more than $12 billion of equity investment in over 500 deals. Eric Mogentale and real estate and casino tycoon Neil Bluhm are managing principals of the firm.

Mogentale declined to comment on the Boynton Beach purchase.

The deal comes on the heels of several top-dollar Palm Beach County multifamily sales in recent months. In Delray Beach, Crow Holdings bought an apartment complex for $111.75 million in July.

In another Boynton Beach deal, LeCesse Development Corporation sold an apartment complex for $105 million in June to four Delaware entities, three tied to Avanti Residential and one to a real estate investment trust.






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