Robbins Property pays $43M for Boynton Beach apartment complex

Robbins financed the deal with a $30M mortgage from Berkadia

Miami /
Jun.June 14, 2018 01:30 PM

Verona at Boynton Beach and Steve Robbins

Robbins Property Associates just purchased an apartment complex in Boynton Beach for $43 million from the Claremont Companies.

Tampa-based Robbins Property acquired the 216-unit Verona at Boynton Beach at 1575 Southwest Eighth Street for $199,000 per apartment. Robbins Property financed the purchase with the $29.8 million mortgage from Berkadia, property records show.

Claremont Properties sold the complex to Robbins Property. Claremont paid $27.8 million for the property in 2013. Built in 2002, the complex includes a renovated clubhouse, a 24-hour gym, a pool, and a pet spa.

Robbins Property Associates was founded in 2009 by brothers Mitchell and Steve Robbins to acquire multifamily communities.

The firm merged with North Palm Beach-based Electra America in late 2016. It specializes in value-add and distressed properties, and has bought and sold more than 100,000 apartments since 1996.

Claremont, an investment firm, largely focuses on multifamily properties and Hilton and Marriott-branded hotels in the Northeast.

Investors are increasingly turning toward Boynton Beach for multifamily properties in recent months.

In May, Cortland Partners purchased a 264-unit property at 7933 Venture Center Way for $55 million, and American Landmark purchased a 184-unit High Ridge Landing apartment complex for $41.9 million.

Berkadia’s Mitch Sinberg, Matt Robbins and Wesley Moczul arranged the financing on behalf of Robbins Property.


Related Articles

arrow_forward_ios
Miami-Dade Mayor Daniella Levine Cava and an aerial of the Government Center redevelopment (Getty, Google Maps)
Miami-Dade seeks partners for Government Center redevelopment
Miami-Dade seeks partners for Government Center redevelopment
Turnberry Associates' Jackie Soffer and LeFrak's Richard LeFrak with Rendering of the Villa Laguna (Turnberry Associates, Getty Images, SoLe Mia Rentals)
LeFrak, Soffer kick off leasing at SoLé Mia rental
LeFrak, Soffer kick off leasing at SoLé Mia rental
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
arrow_forward_ios

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

Loading...