Avanti buys Boynton Beach apartments for $105M

The deal equates to $308K per unit

Miami /
Jun.June 28, 2021 04:45 PM
500 Ocean Apartments  at 101 South Federal Highway, Boynton Beach (Photo via LandSouth Construction)

500 Ocean Apartments  at 101 South Federal Highway, Boynton Beach (Photo via LandSouth Construction)

LeCesse Development Corporation sold a 341-unit apartment complex in Boynton Beach for $105 million.

Skye at Boynton Beach LLC, tied to LeCesse, sold 500 Ocean Apartments at 101 South Federal Highway to four Delaware entities. Three are tied to Denver-based Avanti Residential and one is linked to a real estate investment trust, records show.

The deal equates to $307,918 per unit.

Avanti Residential is the property management arm of Capital Real Estate, a real estate investment firm also based in Denver, according to its website. The entity, 101 S Federal Highway Ground Owner LLC, links to Safehold, a New York-based REIT, according to its website.

The Avanti entities financed the purchase with a $42 million loan from Berkeley Point Capital, records show.

Built in 2018, 500 Ocean Apartments have one- to three-bedroom units that range from 744 square feet to 1,306 square feet, according to apartments.com. Amenities include a bowling alley, an infinity pool, a parking garage and a theatre room and game room in the clubhouse.

Records show LeCesse paid $4.7 million for the 4.5-acre property in 2015. The property includes office and retail space.

South Florida multifamily investment sales have been strong in recent months. Most recently, James and Marta Batmasian’s Investments Limited bought a 212-unit Deerfield Beach apartment complex for $46 million.

Also this month, American Land Ventures and Isram Realty Group secured an $84.9 million construction loan for a 319-unit multifamily project in Boynton Beach. Also this year, Dermot Company bought an apartment community in Boynton Beach for $143 million.






    Related Articles

    arrow_forward_ios
    The Buena Vista Gardens in Little Haiti (Apartments.com)
    Bowery Properties buys Little Haiti apartment portfolio for $12M
    Bowery Properties buys Little Haiti apartment portfolio for $12M
    Publix at Westlake Plaza will be on the west side of Seminole-Pratt Whitney Road between Town Center Parkway and Persimmon Boulevard (Google Maps)
    Publix pays $9M for Westlake site in Palm Beach County
    Publix pays $9M for Westlake site in Palm Beach County
    Inventory for single-family homes and condos fell, indicating a seller’s market (Getty)
    South Florida residential sales soar to $8B in June, led by luxury buys
    South Florida residential sales soar to $8B in June, led by luxury buys
    Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
    Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
    Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
    Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
    Walton Street Capital buys Boynton Beach apartments for $93M
    Walton Street Capital buys Boynton Beach apartments for $93M
    Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
    Frankforter Group buys Pompano Beach apartments for $43M
    Frankforter Group buys Pompano Beach apartments for $43M
    CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
    Singaporean REIT pays $100M for One Town Center office building in Boca Raton
    Singaporean REIT pays $100M for One Town Center office building in Boca Raton
    Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
    Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
    Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
    arrow_forward_ios

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

    Loading...