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Apartment giant Greystar sells complex near Lake Worth for $48M

Southstar Capital paid $223K per apartment for the 214-unit complex
By Keith Larsen | July 29, 2019 01:30PM

Savona Grand Apartments at 7045 Colony Club Drive, Greystar CEO Bob Faith

Savona Grand Apartments at 7045 Colony Club Drive, Greystar CEO Bob Faith

The apartment giant Greystar Real Estate Partners sold an apartment development near Lake Worth for $47.8 million.

Charleston, South Carolina-based Greystar sold the 214-unit apartment complex Savona Grand Apartments at 7045 Colony Club Drive to two companies tied to Southstar Capital Group of Boca Raton.

Southstar Capital Group secured a $32 million mortgage from Hunt Mortgage Capital to acquire the property.

The 13-acre, 296,000-square-foot development sold for about $223,000 per unit. It’s north of Boynton Beach and south of Lake Worth, near the intersection of Hypoluxo Road and South Military Trail.

Greystar bought the property in July 2015 for $35.5 million, records show.

Units at Savona Grand range from one to three bedrooms with monthly rents between $1,173 and $2,943, according to Apartments.com.

Greystar is an active buyer and seller of multifamily developments in South Florida. In May, Greystar sold a North Lauderdale apartment complex to Eaton Vance Management for $46 million.

In 2016, the company paid $89 million for the Astor Companies’ InTown apartment complex in Little Havana.