IMT pays $91M for Boynton Beach townhome community

The sale is one of the largest multifamily deals in South Florida this year

Apr.April 30, 2019 10:30 AM
Savannah Lakes

Savannah Lakes

UPDATED May 10, 3:30 p.m.: IMT Capital bought a 466-unit townhome community in Boynton Beach for $90.5 million, representing one of South Florida’s largest multifamily deals of the year.

The 25.6-acre Savannah Lakes community sold for $194,206 per unit. The community at 1001 South Broughton Drive is off of East Gatehouse Boulevard. It’s also close to the Boynton Beach Mall.

The sellers are Madison, New Jersey-based PGIM Real Estate and Atlanta-based Carroll Organization. They had bought the property from Greystar in April 2018 for an undisclosed price.

Greystar had purchased the property in 2013 for $59.2 million, records show. The townhome development was built in 1991.

Rents for the one-bedroom and two-bedroom townhomes start at about $1,300 and go up to $2,300. Amenities include a pool, a basketball court, a volleyball court, tennis court and a dog park.

Los Angeles-based IMT Capital is a private real estate investment firm focused on undervalued or underperforming multifamily assets in major US markets. It has made investments of more than $3 billion in value, according to its website.

The largest multifamily deal in South Florida so far this year was TGM Associates’ $136 million purchase in March of the Broadstone Harbor Beach apartment complex in Fort Lauderdale.

Correction: A previous version of this story misidentified the seller.

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