Klingbeil Capital buys Boynton Beach apartments for $52M

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

TRD MIAMI /
Feb.February 05, 2019 01:30 PM

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.

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.


Related Articles

arrow_forward_ios
Jonathan Shechtman from Axonic and Herve Barbera from Bar, with 4860 Sandstone Lane

Bar Invest pays $56M for West Palm apartments

Bar Invest pays $56M for West Palm apartments
Asi Cymbal and a rendering of the project

Asi Cymbal closes on multifamily dev site in Dania Beach

Asi Cymbal closes on multifamily dev site in Dania Beach
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
Lissette Calderon and a rendering of the site

Lissette Calderon buys land for third rental project in Allapattah

Lissette Calderon buys land for third rental project in Allapattah
South Florida rents are starting to fall (Credit: iStock)

South Florida rents starting to fall, especially in Coral Gables

South Florida rents starting to fall, especially in Coral Gables
Alex Rodriguez and Erin Knight with Laguna Place in Kissimmee (Credit: Michael Loccisano/Getty Images)

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus
Jeff Greene and 1601 North Congress Avenue (Google Maps)

Jeff Greene buys hotel in Boynton Beach for $19M

Jeff Greene buys hotel in Boynton Beach for $19M
arrow_forward_ios

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

Loading...