Morguard buys Boynton Beach apartment complex for $48.5M

Compson Associates completed the building earlier this year

Miami /
Jun.June 20, 2018 11:30 AM

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.


Related Articles

arrow_forward_ios
The Buena Vista Gardens in Little Haiti (Apartments.com)
Bowery Properties buys Little Haiti apartment portfolio for $12M
Bowery Properties buys Little Haiti apartment portfolio for $12M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
PMG pays nearly $60M for Johnson & Wales North Miami campus
PMG pays nearly $60M for Johnson & Wales North Miami campus
arrow_forward_ios

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

Loading...