James and Marta Batmasian’s investment firm bought a Deerfield Beach apartment complex for $46 million.
Their firm, Investments Limited, bought the 212-unit Lakes at Deerfield at 1100 South Military Trail from GFI Capital Resources Group, according to a news release from the brokers involved. The deal breaks down to $216,981 per unit.
Tal Frydman and Hampton Beebe of Newmark brokered the deal.
The garden-style complex, built in the mid-1990s, spans 14 acres, property records show.
The property, which totals more than 206,720 square feet, has a 24-hour gym, pool, spa, business center, clubhouse with a lounge and kitchen, tennis courts, sand volleyball court and car care station, according to the release. Units feature hardwood floors, walk-in closets and breakfast bars in the kitchens.
GFI Capital Resources, based in New York City, bought the complex for $33.75 million in 2016.
GFI, led by Allen Gross, is a real estate finance, sales, insurance development and management firm, according to its website. Founded in 1983, GFI focuses on mixed-use, multifamily, office and retail as well as hotels through affiliate GFI Hospitality.
James and Marta Batmasian, who are married, are among the biggest property owners in Boca Raton, as they started scooping up real estate shortly after moving to the city in 1983, according to Investments Limited’s website. The firm, with offices in Boca Raton and Cambridge, Massachusetts, has properties across Florida as well as in Massachusetts and Rhode Island.
Aside from his prolific commercial real estate endeavors, James Batmasian also has been embroiled in controversy.
Batmasian served eight months in prison in 2008 for not paying payroll taxes to the IRS tied to Investments Limited. He was among several people who received a pardon last December by former President Donald Trump.
The White House’s statement at the time of the pardon said in part that Batmasian fully repaid the IRS what he owed and made no attempt to hide payments once confronted by the federal agency. Batmasian at the time expressed gratitude to Trump.
In another controversy tied to Batmasian, former Boca Raton Mayor Susan Haynie pleaded guilty in April for failing to disclose financial ties to Batmasian and his wife when she was in office. She was accused of casting votes that in part increased the Batmasians’ property values. Her attorney told The Palm Beach Post her vote “was never for sale or purchase.”