Robbins Property pays $43M for Boynton Beach apartment complex

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

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.

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