Boynton Beach apartments sell for $40M

Miami /
Jan.January 20, 2014 11:15 AM

A California investor has picked up a Boynton Beach apartment complex for nearly $40 million as part of a larger portfolio purchase, The Real Deal has learned.

IMT Capital III Florida Club acquired the Florida Club community at 7933 Venture Center Way, according to Palm Beach County records. The buying company is managed by IMT Capital of Sherman Oaks, Calif. Its purchase closed last Tuesday and was recorded Thursday.

ACPRE PRS Realty of Irving, Texas is the seller of the 264-unit complex. The company paid about $47 million for the 18-acre property in June 2005.

The Florida Club was completed in 2000.

IMT’s acquisition is believed to be part of a larger deal involving two Hillsborough County apartment communities, according to the Tampa Bay Business Journal. The company recently bought the Preserve at Westchase and Tuscany Bay complexes for a combined $79 million.

Freddie Mac provided IMT with $40.1 million in financing as part of a $500 million revolving credit line that matures in 2021.

IMT is already marketing the IMT Florida Club on its website. Monthly rents currently range from $1,020 for select one-bedroom apartments to $1,705 for certain three-bedroom units. — Eric Kalis


Related Articles

arrow_forward_ios
American Landmark CEO Joe Lubeck and the High Ridge Landing apartment complex at 3609 High Ridge Way in Boynton Beach (American Landmark, Google Maps)
American Landmark sells Boynton Beach apartments for $71M
American Landmark sells Boynton Beach apartments for $71M
Pebb Enterprises' Ian Weiner and Banyan Development's Jason Sher with aerial view of 9850 Jog Road (Pebb Enterprises, LinkedIn)
Carlyle pays $33M for Boynton Beach shopping center
Carlyle pays $33M for Boynton Beach shopping center
Related’s Jorge Pérez and Jon Paul Pérez with 1785 Northeast Fourth Street (Related Group, Google Maps)
Related pays $48M for affordable senior housing complex in Boynton Beach
Related pays $48M for affordable senior housing complex in Boynton Beach
From left: Affiliated Development's Nick Rojo and Jeff Burns with The Pierce project
Affiliated Development wins approval for Boynton rental project with workforce housing
Affiliated Development wins approval for Boynton rental project with workforce housing
An aerial of the Mainstreet at Boynton with Banyan Development principal Jason Sher and Pebb Enterprises CEO Ian Weiner (LinkedIn, Pebb Enterprises, Aerial via Andy Traficante – Atlantic Aerial Imaging)
Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
Waterton co-founder, Chairman and CEO David Schwartz and Verona at Boynton Beach apartment complex at 1575 Southwest Eighth Street in Boynton Beach (Verona at Boynton Beach Apartments, LinkedIn)
Waterton doubles down on South Florida, buys Boynton Beach apartment complex for $80M
Waterton doubles down on South Florida, buys Boynton Beach apartment complex for $80M
Frank Simone and Christina Pappas with the Miami skyline (Getty images)
Tighter lending standards foiling condo deals after Surfside collapse
Tighter lending standards foiling condo deals after Surfside collapse
Cube's Ben Mandell, Scott Sherman and Alex Karakhanian (iStock, Google Maps, Cube)
Lease roundup: Blockchain.com opening HQ on two floors at Cube Wynwd in Miami
Lease roundup: Blockchain.com opening HQ on two floors at Cube Wynwd in Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...