IMT Capital trades West Palm apartments for $46M
South Florida’s apartment boom continued this week with IMT Capital’s $45.6 million sale of a gated West Palm Beach apartment complex to the Covenant Capital Group.
County records show an IMT affiliate sold the community at 1400 Village Boulevard, known as IMT at the Villages, after owning it for only four years.
With the community housing 316 apartments, the deal breaks down to $144,303 per unit. The garden-style complex was built in 1991 and boasts amenities like a fitness center, clubhouse and community pool. According to listing website Apartments Guide, rents at the complex range from roughly $1,100 for a one-bedroom unit to $2,000 for two bedrooms.
IMT had purchased the community out of foreclosure in 2012, county records show, though its purchase price is unknown.
Covenant’s purchase comes just three days after it sold another community in the city, Vierra of the Palm Beaches, for $36.4 million.
The company is one of the country’s largest real estate fund managers with more than $1.2 billion worth of assets, according to its website. Covenant financed its purchase of IMT’s property with a $32 million loan from CBRE Capital Markets.
This week’s sale is just one more example of a South Florida multifamily boom that’s seen $4 billion worth of rental properties trade in the region during the first half of this year alone.