The Real Deal Miami

Morguard buys Boynton Beach apartment complex for $48.5M

Compson Associates completed the building earlier this year
By Keith Larsen | June 20, 2018 11:30AM

Santorini apartment complex and Rai Sahi

Morguard just paid $48.5 million for a 226-unit apartment complex in Boynton Beach that Compson Associates Group completed earlier this year, records show.

Morguard, a Canadian real estate investment company with more than $21 billion in assets under management, purchased Santorini at 1645 Renaissance Commons Boulevard for $21,460 per unit.

The 145,784-square-foot property consists of two six-story apartment buildings and was the last phase of Renaissance Commons’ residential community. The apartments are one- and two-bedrooms with rents between $1,430 to $1,750 per month, according to apartments.com.

To build the complex, Boca Raton-based Compson Associates scored $24.56 million in construction financing in 2016 from Bank of the Ozarks, an Arkansas bank that is one of South Florida’s most active construction lenders.

The Palm Beach Post reported that the developer made Santorini a “mirror image” of its Compson Place apartments across the street because the first complex performed well. Construction on Santorini began in 2015 and the complex was completed in April.