search

The Real Deal Logo

Trending

Major developers are converting South Florida malls into mixed-use projectsMajor developers are converting South Florida malls into mixed-use projectsClipper losing tenants that occupy 93% of 250 LivingstonClipper losing tenants that occupy 93% of 250 LivingstonBushburg buying Rudin’s half-empty FiDi office building for $160MBushburg buying Rudin’s half-empty FiDi office building for $160MAnywhere says bring on the broker commission reckoningAnywhere says bring on the broker commission reckoning
Commercial
South Florida

Klingbeil Capital buys Boynton Beach apartments for $52M

The Ohio-based investment firm paid $185K per unit for Island Reach Apartments

Anne Klingbeil Ryan and the Island Reach apartment complex (Credit: Rent Island Reach)
Anne Klingbeil Ryan and the Island Reach apartment complex (Credit: Rent Island Reach)

Klingbeil Capital Management paid $51.8 million for the Island Reach Apartments in Boynton Beach as out-of-state investors continue to bet on Palm Beach County multifamily properties.

The Ohio-based investment firm bought the 280-unit development at 9866 Viburnum Tree Drive for $185,000 per unit, records show. The seller is affiliated with Boston-based asset manager Eaton Vance Management, which bought the property in 2010.

The apartments sit on 17.4 acres between Boynton Beach Boulevard and Old Boynton Road. Units range from one to three bedrooms with one bedrooms starting at $1,185, according to apartments.com.

Sign Up for the undefined Newsletter

Klingbeil Capital Management owns apartment properties throughout the country. It has completed about $2 billion worth of apartment acquisitions in the last 20 years, according to its website

Multifamily developers and homebuilders are increasingly becoming interested in Boynton Beach, betting that people working in Boca Raton or West Palm Beach will look for cheaper housing options in the suburbs.

In June, Mattamy Homes, the largest private homebuilder in North America, bought 30 lots in Boynton Beach for $5.48 million. The company plans to build 70 single-family homes on the site.

In August, a partnership between Houston-based Morgan Group and Boston-based Rockpoint Group bought a residential development site in Boynton Beach for $19.52 million to bring luxury multifamily development to the area.

Tags
Boynton BeachCommercial Real Estate