A company tied to a member of Seagram’s Bronfman family bought a 264-unit, waterfront West Palm Beach affordable housing community for $38 million.
Malibu Bay Preservation Limited, the buyer of the Malibu Bay Apartments at 750 Malibu Bay Drive, is managed by Jeremy Bronfman, a partner and founder of investment group Lincoln Avenue Capital, according to records. Bronfman is a scion of the family that founded the spirits company Seagram.
Lincoln Avenue Capital is an affordable housing investment group based in Santa Monica, California, founded by Bronfman and his brother, Eli.
The Housing Trust Group sold the rental community, built in 2004, records show. The sale equates to $144,000 per unit.
The community features 11 three-story residential buildings and a clubhouse on a 13-acre site. It also has a fitness center, gazebo, and more than 400 surface parking spaces. Malibu Bay has an average occupancy of about 95 percent, according to HTG’s website.
An online listing shows monthly rents range between $870 and $1,214. Apartments range from one to three bedrooms and from 705 square feet to 1,164 square feet. Income restrictions apply to some residents.
Lincoln Avenue Capital has 47 properties across 10 states, representing more than 9,000 units and 30,000 residents, according to its website. Its properties include Westview in Miami.
In April 2019, Bronfman bought a 112-unit affordable apartment complex in Homestead for $12 million.
Miami-based HTG — which bills itself as a top affordable housing developer in Florida — is run by father-son team Randy and Matthew Rieger. In July, HTG received approval for a preliminary plan to lease city-owned land for University Station, a mixed-use downtown development featuring 216 apartments, most with below-market rents.
In February, HTG closed on financing for a $25 million affordable housing community in West Kendall.