Investors pay $24M for new apartment complex in Lantana

Price breaks down to $222,222 per unit

Apr.April 15, 2016 11:15 AM

UPDATE April 15 1:48 P.M.: Miami investors just put down $24 million for a two-year-old apartment complex in Lantana, a coastal town in Palm Beach County just north of Manalapan.

The deal includes Bridgewater at Lake Osborne, a a 9.6-acre apartment community with 108 units at 2282 Lantana Road. County records show it was built two years ago by a partnership between multifamily builder Eastwind Development and the Index Investment Group.

Eastwind and Index paid $2.75 million for the acreage where they built Bridgewater in 2012. Now, the partnership has sold the community for $222,222 per unit to a a Delaware limited liability company managed by Jared Brunnabend.

This isn’t the first community Eastwind and Index have partnered on: the two built Dakota at Abacoa, a 190-unit complex in Jupiter, which they sold in February to Priderock Capital Partners for $42 million.

ARA Newmark’s  Hampton Beebe, Avery Klann, Jonathan Senn, Dick Donnellan and Marc deBaptiste brokered both sales on behalf of the developer.

Brunnabend is the principal of Bayshore Investment Partners, a real estate company that looks to buy apartment communities with a minimum of 100 units throughout Florida, according to his LinkedIn page. The firm currently owns seven communities for a total of 900 units.

Brunnabend’s company financed its purchase of Bridgewater with a $17.5 million loan from The PrivateBank’s Atlanta office.

Some of Bridgewater’s amenities include a community pool, waterfront pavilion and even its own boat ramp into Lake Osborne. Rents at the complex start $1,579 for a two-bedroom, two-bathroom unit.

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