Morgan Group and Rockpoint pick up apartment site in Boynton Beach for $20M

Partnership to develop 378 luxury apartments and 55 townhomes on the site

Miami /
Aug.August 07, 2018 05:30 PM

The site and Rockpoint Group founder and managing director Bill Walton

A partnership between Houston-based Morgan Group and Boston-based Rockpoint Group just bought a residential development site in Boynton Beach for $19.52 million, as part of larger push to bring luxury multifamily development to the area.

BlackRock sold the 18.5-acre residential development site on Renaissance Commons Boulevard for $1.05 million per acre, property records show.

Morgan Group and Rockpoint plan to develop 378 luxury apartments and 55 townhomes within seven, four-story buildings and 11, two-story townhome buildings with garages, according to a release.

ARA Newmark’s vice chairmen Avery Klann and Hampton Beebe, and director Jonathan Senn represented the seller.

The property is part of the Boynton Village and Town Center’s master plan. The master plan development includes two other multifamily projects – The District Boynton and Alta at Cortina – along with an existing retail center anchored by Target, Total Wine & More, and Best Buy.

Morgan is a privately held national developer and manager of Class A multifamily properties.

Rockpoint Group, a real estate private equity firm, has raised about $19 billion in capital commitments and invested or committed to invest in 408 transactions, according to a release. In June, Rockpoint and the Related Group announced they were partnering on a new division within Related focused on acquiring value-add multifamily properties in Florida and throughout the Sun Belt.


Related Articles

arrow_forward_ios
From left: BlackRock's Larry Fink and Related Companies' Stephen Ross in front of 360 South Rosemary Avenue in West Palm Beach (Getty Images, LoopNet)
BlackRock lands in West Palm Beach
BlackRock lands in West Palm Beach
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
From left: Affiliated Development's Nick Rojo and Jeff Burns with The Pierce project
Affiliated Development wins approval for Boynton rental project with workforce housing
Affiliated Development wins approval for Boynton rental project with workforce housing
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
An aerial of the Mainstreet at Boynton with Banyan Development principal Jason Sher and Pebb Enterprises CEO Ian Weiner (LinkedIn, Pebb Enterprises, Aerial via Andy Traficante – Atlantic Aerial Imaging)
Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
Waterton co-founder, Chairman and CEO David Schwartz and Verona at Boynton Beach apartment complex at 1575 Southwest Eighth Street in Boynton Beach (Verona at Boynton Beach Apartments, LinkedIn)
Waterton doubles down on South Florida, buys Boynton Beach apartment complex for $80M
Waterton doubles down on South Florida, buys Boynton Beach apartment complex for $80M
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
arrow_forward_ios

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

Loading...