American Landmark acquires Boynton Beach apartment complex for $42M

American Landmark paid $228k per unit

Miami /
May.May 25, 2018 05:50 PM

High Ridge Landing in Boynton Beach

American Landmark just acquired the 184-unit High Ridge Landing apartments in Boynton Beach for $41.9 million.

The seller is High Ridge Housing LLC, a subsidiary of Eastwind Development, which purchased the land to build the complex for $2.5 million in 2014. It built the complex at 3609 High Ridge Way in 2017.

American Landmark paid $227,727 per unit. It will spend $500,000 on upgrades, including improvements to the clubhouse, the pool area and upgrades to the fitness center and landscaping, according to a release.

High Ridge Landing’s apartments range from one to three bedrooms. Amenities include a yoga and spin studio, pool, auto charging stations, fitness center and business center.

The deal marks the third acquisition of the year for American Landmark. In South Florida, it also owns and operates Beach Walk at Sheridan in Dania Beach and Lago Paradiso in Miami.

American Landmark and Electra America, its debt and equity partner, plan to close $1.5 billion in multifamily deals in 2018 throughout the Southeast, according to the release.

Electra America is the American subsidiary of Israel’s Electra Real Estate, which is publicly traded on the Tel Aviv stock market. In late 2016, the company merged with Robbins Property to form Robbins Electra. The firm specializes in value-add and distressed properties, and has bought and sold more than 100,000 apartments since 1996.


Related Articles

arrow_forward_ios
Related Group's Jorge Pérez and Jon Paul Pérez; rendering of the Gallery at Marti Park project (CMA Architects, Related Group, Getty)
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Related’s Jorge Pérez and Jon Paul Pérez with 1785 Northeast Fourth Street (Related Group, Google Maps)
Related pays $48M for affordable senior housing complex in Boynton Beach
Related pays $48M for affordable senior housing complex in Boynton Beach
Lions Group's Albert Shirian, Fortis Design + Build's Andrew Lenahan and David Polinsky with renderings of the M Tower apartment project (LinkedIn, Fortis Design + Build, Nichols Architects)
Lions, Fortis Design propose 57-story apartment tower in downtown Miami
Lions, Fortis Design propose 57-story apartment tower in downtown Miami
Rendering of the Resia Old Cutler workforce apartment complex in south Miami-Dade County with Resia’s CEO and President Ernesto Lopes (LinkedIn, Resia, illustration by The Real Deal with Getty)
Resia scores $60M construction loan for workforce housing complex near Cutler Bay
Resia scores $60M construction loan for workforce housing complex near Cutler Bay
Habitat Group's Santiago Vanegas with 39 Northwest Seventh Avenue in Little Havana (Habitat Group, Google Maps)
Habitat Group sells Little Havana apartments to LA investors for $15M
Habitat Group sells Little Havana apartments to LA investors for $15M
Douglas Elliman CEO Jay Parker with a rendering of Clara Bay Harbor and Chetrit Group’s project in the Miami River district (right) (Clara Homes, Douglas Elliman)
Elliman’s new development rental arm expands into South Florida
Elliman’s new development rental arm expands into South Florida
From left: Fisher Brothers' Arnold and Kenneth Fisher with The Wynhouse
“Forced and contrived”: Fisher Brothers’ Wynwood rental project strikes out with Miami board
“Forced and contrived”: Fisher Brothers’ Wynwood rental project strikes out with Miami board
Miami-Dade County Mayor Daniella Levine Cava, Attorney
Miami-Dade may help renters in eviction court secure attorneys
Miami-Dade may help renters in eviction court secure attorneys
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...