Boynton Beach apartments sell for $40M

California investor picks up Florida Club complex

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

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