An Atlanta-based investment firm purchased a 228-unit apartment complex in Delray Beach for $40.5 million, Palm Beach County records show.
Located at 510 Lavers Circle, The Vinings at Delray Beach is a 5.6-acre complex that was built in 1996.
The seller, Vinings at Delray Beach Apartments Investors, sold the development to Ps Vinings Owner — a company tied to the Pollack Shores Real Estate Group in Atlanta, according to Palm Beach County property records.
The seller was represented by Avery Klann, Hampton Beebe, Dick Donnellan and Marc deBaptiste of brokerage ARA Newmark.
PSREG said it plans to put an undisclosed amount of capital into luxury upgrades for the apartments, granite countertops, stainless-steel appliances and new lighting, according to the Palm Beach Post.
Renat at The Vinings is 45 percent below the peak in the area, and PSREG hopes to brand it as an affordable luxury community, the newspaper reported.
The Vinings acquisition brings the firm’s Florida holdings to $500 million. — Sean Stewart-Muniz