IMT pays $91M for Boynton Beach townhome community

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

Miami /
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.


Related Articles

arrow_forward_ios
3301 Quantum Boulevard in Boynton Beach and Apex Capital Investments CEO John Gaghan (JLL, Apex)
Apex Capital pays $37M for Boynton Beach office building
Apex Capital pays $37M for Boynton Beach office building
Publix-anchored shopping center in Boynton Beach trades for $17M
Publix-anchored shopping center in Boynton Beach trades for $17M
Publix-anchored shopping center in Boynton Beach trades for $17M
Blackstone chair, CEO and co-founder Stephen Schwarzman and RangeWater Real Estate CEO Steven Shores with the complex (Getty, LinkedIn via Shores, One Boynton)
Blackstone buys Boynton Beach apartment complex for $171M
Blackstone buys Boynton Beach apartment complex for $171M
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The Villas of Boynton Beach (Woodward Properties)
Woodward Properties buys Boynton Beach multifamily for $13M
Woodward Properties buys Boynton Beach multifamily for $13M
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
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
arrow_forward_ios

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

Loading...