Delray Beach affordable housing trades for $11.3M

Seller filed for Chapter 11 in January 2015

TRD MIAMI /
Mar.March 03, 2016 02:15 PM

Auburn Trace Apartments

An affordable housing community in Delray Beach has sold for $11.3 million. 

Auburn Trace Apartments, a 152-unit low income housing tax credit complex, sold for $74,342 per apartment, according to Marcus & Millichap. The 20-acre property, at 625 Auburn Circle West, was developed in 1990 and includes a 7,654-square-foot commercial building. The complex includes one-, two- and three-bedroom apartments with central heat and air conditioning, individual water heaters and private patios.

Auburn Trace Limited, an affiliate of Auburn Communities, developed and sold the community out of bankruptcy, the South Florida Business Journal reported. The firm filed Chapter 11 reorganization in January 2015. It owed $4.2 million to IberiaBank, $4.2 million to the city of Delray Beach and a $200,000 loan from the U.S. Small Business Administration. Brian J. Hinners, co-founder and CEO of the affordable housing developer, manages the firm, which focuses on South and Central Florida.

A group of New York investors purchased the complex in a 1031 exchange, according to a press release. LLCs managed by David Shweky and Sion Separzadeh bought the property, the SFBJ reported. Evan Kristol, Still Hunter III and Brandon Rex of Marcus & Millichap’s Fort Lauderdale office represented the both parties in the deal.

Amenities at the Delray Beach property include a clubhouse, playground, volleyball court, onsite management, laundry facility and a daycare and learning center. – Katherine Kallergis


Related Articles

arrow_forward_ios
Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan

Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

ABC Carpet & Home

Collier family converting former ABC Carpet & Home in Delray to facility for car collectors

From left: Joseph Maas, Susan Burrell and Paul Burrell of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

TMT Properties buys Delray Beach offices

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

Daily Digest Miami

Partner at Miami law firm resigns amid conflict of interest allegation tied to zoning issue, Redfin will disclose commissions in this US city: Daily digest

(Credit: iStock)

Three arrested in South Florida affordable housing scam

arrow_forward_ios