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The Real Deal Miami

Boynton multi-family complex sells for $27 million

By Alexander Britell | July 10, 2012 01:30PM

Chicago-based TR Ashley Lake has sold the Ashley Lake Apartments in Boynton Beach for $27.1 million, according to a deed filed in Palm Beach County Circuit Court.

TR Ashley Lake purchased the 267,923-square-foot site in December 2004 for $22.9 million, according to data from the Palm Beach County Property Appraiser’s office. The buyer was Ashley Lake Park Apartments, a limited liability company based in Newton, Mass.

Newton-based investment company Robbins Property Associates is listed at that company’s address.

Proskauer Rose Attorney Andrew Levy, who prepared the deed, could not be reached for comment.

The 13.2-acre site, located at 5020 Ashley Lake Drive, has a total of 300 multi-family units. It had a total appraised market value of just under $17.8 million in 2011.

Its property tax bill totaled $401,687 last year.