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Zom sells luxury Delray apartments to GID partnership for $60M

Delray Preserve complex traded for $321K per unit
By Katherine Kallergis | January 03, 2018 05:06PM

Delray Preserve

Zom Living just sold a luxury apartment complex in Delray Beach to Institutional Multifamily Partners for $60.35 million, property records show.

The Orlando multifamily developer sold the 188-unit Delray Preserve for $321,000 per apartment to IMP Delray LLC, an affiliate of the Boston-based partnership between GID and CalPERS. No financing was recorded.

Delray Preserve, at 2001 North Federal Highway, includes eight three-story buildings that were completed in 2016 on about 8.5 acres of land. Zom paid $11 million, or $32 per square foot, for the development site in 2015, according to data from Real Capital Analytics.

Available apartments range from 665-square-foot, one-bedroom units with rents starting at $1,700 per month to 1,531-square-foot, three-bedroom units asking $2,620 a month, according to its website. Amenities include walk-in closets, private patios and stainless-steel appliances.

Despite a growing supply of apartments, South Florida’s multifamily market isn’t showing signs of slowing down. A year-end ranking found the majority of the top 10 multifamily investment sales in 2017 exceeded $100 million.

In August, TH Real Estate paid $54.33 million for the apartment complex at 650 Lavers Circle, also in Delray. The Atlantic at East Delray, a 228-unit development, traded for about $238,000 per apartment.