The Real Deal Miami

Banyan Lake Apartments sell for $30M

Seller had picked up the property in an $18.8M loan repossession
Banyan Lake Apartments in Boynton Beach

Banyan Lake Apartments in Boynton Beach

Aventura-based Acumen Real Estate sold its stake in the Banyan Lake Apartments in Boynton Beach for $30 million.

Banyan Lake Investors, managed by Carlos Berner, and Acumen Real Estate obtained the 288-unit complex, located at 1500 Stonehaven Drive, through an $18.8 million loan assumption and repossession in 2009, according to the South Florida Business Journal.

The new owner is Advenir@Banyan, an Aventura-based company managed by Stephen Vecchitto and W. Taylor Rismiller. [South Florida Business Journal]Christopher Cameron