Avanti buys Boynton Beach apartments for $105M

The deal equates to $308K per unit

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.

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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.