Related Group sells Royal Palm Beach apartments for $119M

392-unit community was built in 2019

Miami /
May.May 24, 2021 12:35 PM
The complex at 10900 Town Circle with (from left) Group chair and CEO Jorge Pérez and President Jon Paul Pérez and Pantzer Properties co-CEOs Jason and Jordan Pantzer (The Point at Wellington, Related, Pantzer)

The complex at 10900 Town Circle with (from left) Group chair and CEO Jorge Pérez and President Jon Paul Pérez and Pantzer Properties co-CEOs Jason and Jordan Pantzer (The Point at Wellington, Related, Pantzer)

The Related Group sold a Royal Palm Beach multifamily complex for $119.4 million.

New York-based Pantzer Properties, through an affiliate, bought the 392-unit community at 10900 and 11020 Town Circle, according to records. The buyer scored an $82.1 million loan by taking over an existing $52.8 million mortgage and borrowing an additional $29.3 million from Walker & Dunlop.

The purchase price breaks down to $304,503 per unit.

Pantzer Properties, led by co-CEOs Jason and Jordan Pantzer, renamed the property from Town Southern to The Point at Wellington, according to Pantzer’s website. The owner-operator of multifamily across the East Coast invests through its private equity funds, the Panco Strategic Real Estate Funds.

The complex spans 405,516 square feet, including a clubhouse, on 30 acres. It has a pool, outdoor grilling stations and putting green, property records show.

It also has a 24-hour gym, spin room, theater room, playground and conference room, according to Pantzer’s website. It lists one-, two-, and three-bedroom units, with monthly rents ranging from $1,725 to $2,495.

Miami-based Related, led by founder and CEO Jorge Pérez and his son, President Jon Paul Pérez, developed the apartment complex in 2019, records show. Related Development, a division of Related, scored a $52 million construction loan for the project in 2017.

Related, historically known as Miami’s biggest condominium developer, in recent years expanded to other asset classes, including multifamily. Along with Block Capital Group, Related sold the 175-unit mixed-use apartment building The Bradley Wynwood in February to Iconiq for $77 million.

In another recent Palm Beach County apartment deal, a seller affiliated with ZOM sold the 179-unit Azola West Palm Beach in February to three companies managed by Ramsey, New Jersey-based Raia Properties principal Samuel Raia, for $48.3 million.

In Plantation, an affiliate of Carroll sold the 223-unit The Pearl, which previously was called The Marin by Arium, to American Landmark Apartments for $58 million in April.





    Related Articles

    arrow_forward_ios
    Gatsby Enterprises'  Babak Ebrahimzadeh with 25 and 45 Northeast Second Avenue, as well as at 220 Northeast First Street (Loopnet, LinkedIn)
    All aboard! Gatsby buys railroad-themed Delray Beach retail plaza for $30M
    All aboard! Gatsby buys railroad-themed Delray Beach retail plaza for $30M
    Mitchell Cohen with 9881 East Bay Harbor Drive and at 291 East Bay Harbor Drive (Toronto Real Estate Family Office Meetings, Google Maps, Getty)
    Canadian investors drop $22.5M on Bay Harbor Islands apartments
    Canadian investors drop $22.5M on Bay Harbor Islands apartments
    From left: Crow Holdings' Michael Levy and NAI Miami's Robert Eckstein  with Southwest 88th and 91st streets, and between Southwest 162nd and 158th (Google Maps, Crow Holdings, NAI Miami)
    Trammell Crow, Baptist scoop up Kendall Town Center dev sites
    Trammell Crow, Baptist scoop up Kendall Town Center dev sites
    Miami-Dade Mayor Daniella Levine Cava and an aerial of the Government Center redevelopment (Getty, Google Maps)
    Miami-Dade seeks partners for Government Center redevelopment
    Miami-Dade seeks partners for Government Center redevelopment
    Turnberry Associates' Jackie Soffer and LeFrak's Richard LeFrak with Rendering of the Villa Laguna (Turnberry Associates, Getty Images, SoLe Mia Rentals)
    LeFrak, Soffer kick off leasing at SoLé Mia rental
    LeFrak, Soffer kick off leasing at SoLé Mia rental
    G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)
    Blackstone sells five South Florida budget hotels for $61M
    Blackstone sells five South Florida budget hotels for $61M
    From left: BlackRock's Larry Fink and Related Companies' Stephen Ross in front of 360 South Rosemary Avenue in West Palm Beach (Getty Images, LoopNet)
    BlackRock lands in West Palm Beach
    BlackRock lands in West Palm Beach
    Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
    Lease roundup: Tricera scores tenants in West Palm, Boca
    Lease roundup: Tricera scores tenants in West Palm, Boca
    arrow_forward_ios

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

    Loading...