Cortland Partners pays $55M for Boynton Beach apartment complex

IMT Capital spent $40M on the 264-unit property in 2014

May.May 29, 2018 08:45 AM

7933 Venture Center Way and Cortland CEO Steven DeFrancis

An Atlanta multifamily real estate investment firm spent $54.5 million for an apartment complex in Boynton Beach, property records show.

IMT Capital III Florida Club, an affiliate of Los Angeles-based IMT Capital, sold the 264-unit property at 7933 Venture Center Way to Cortland Partners. IMT paid $40 million for the Florida Club apartments as part of a larger portfolio purchase in 2014.

Cortland Partners, an international company with offices in Shanghai and London, paid about $206,000 per apartment for the Boynton Beach property. The firm financed the deal with a $41.15 million mortgage from New York Life Insurance Company.

The Florida Club apartments complex was built in 2000 on a nearly 18-acre site near West Boynton Beach Boulevard and the Florida Turnpike.

Cortland Partners owns multifamily properties in Orlando, Tampa, Ocala and West Palm Beach, according to its website.

Palm Beach County, like other parts of South Florida, is facing a shrinking supply of land for multifamily development, a panel of real estate experts said recently. About 8,000 rental apartments are in some stage of development, including 2,000 under construction in downtown West Palm Beach.

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