Cortland Partners pays $55M for Boynton Beach apartment complex

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

Miami /
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.


Related Articles

arrow_forward_ios
Solmar on Sixth with PGIM Real Estate CEO Eric Adler and Sterling Equities co-founder Fred Wilpon (Google Maps)
Sterling Equities pays $92M for Fort Lauderdale apartments
Sterling Equities pays $92M for Fort Lauderdale apartments
Renderings of Wynwood Haus with TSG Managing Partner Camilo Lopez and Lineaire Group Partner Diego Bonet (Lineaire Group)
Bridge Investment joins Wynwood Haus multifamily development group
Bridge Investment joins Wynwood Haus multifamily development group
President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
Addiction treatment center operator pays $12M for Delray Beach apartments
Addiction treatment center operator pays $12M for Delray Beach apartments
Celebration Pointe and Andrew Farkas (Garco)
Island Capital affiliate pays $64M for Margate apartments
Island Capital affiliate pays $64M for Margate apartments
Renderings of Wave 70 and Wave 90
Dania Beach approves 760-unit apartment complex next to Dania Pointe
Dania Beach approves 760-unit apartment complex next to Dania Pointe
AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)
Cortland pays $92M for Hollywood apartment complex
Cortland pays $92M for Hollywood apartment complex
Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)
CA Ventures buys Boca Raton apartment complex for $80M
CA Ventures buys Boca Raton apartment complex for $80M
arrow_forward_ios

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

Loading...