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
    12428 Cypress Island Way (Google Maps, Getty)
    Private equity boss buys Wellington spec mansion for $10M
    Private equity boss buys Wellington spec mansion for $10M
    Invesca Development Group’s Bernard and Michael Hsiao with the development site at 4300-4400 Northwest Ninth Court in Plantation (Invesca, Google Maps)
    Invesca scores $77M construction loan for Plantation rentals
    Invesca scores $77M construction loan for Plantation rentals
    From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
    Development bonanza: Four Miami projects nab approval
    Development bonanza: Four Miami projects nab approval
    South Florida
    Home sales fall over 20% in August across South Florida
    Home sales fall over 20% in August across South Florida
    Fischer & Co's Cliff Fischer with 100 Royal Palm Way PH-1
    Cliff Fischer buys oceanfront Palm Beach penthouse for $15M
    Cliff Fischer buys oceanfront Palm Beach penthouse for $15M
    Babak Ebrahimzadeh with The Contemporay
    Babak Ebrahimzadeh proposes West Palm office project
    Babak Ebrahimzadeh proposes West Palm office project
    Starwood’s Barry Sternlicht with 5060 Seminole Pratt Whitney Road
    Starwood checks out of Westlake shopping center for $20M
    Starwood checks out of Westlake shopping center for $20M
     Related Companies' Stephen Ross and a rendering of 515 Fern (Getty, Red Leaf NY)
    Stephen Ross bets on West Palm office development — again
    Stephen Ross bets on West Palm office development — again
    arrow_forward_ios

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

    Loading...