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.