Walton Street Capital buys Boynton Beach apartments for $93M

324-unit complex was recently completed

Miami /
Jul.July 22, 2021 12:30 PM
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)

Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)

Walton Street Capital bought the Pacifica Boynton Beach apartment complex for $92.7 million.

Records show Walton Street, through an affiliate, bought the property at 1100 Audace Avenue from Miami-based Alta Developers.

The deal breaks down to $286,034 per unit.

The 324-unit complex consists of several buildings completed in 2019 and 2020 on roughly 10 acres, according to property records.

Alta bought the site for $11.5 million in 2016, records show.

The group, led by Raimundo Onetto, also developed the apartment projects EON Flagler Village in Fort Lauderdale and Quadro at the Miami Design District, as well as Neovita Doral condominium, according to its website.

Chicago-based Walton Street, which also has an office in Mexico City, is a private equity real estate firm founded in 1994, according to its website. Walton affiliates have invested or committed to more than $12 billion of equity investment in over 500 deals. Eric Mogentale and real estate and casino tycoon Neil Bluhm are managing principals of the firm.

Mogentale declined to comment on the Boynton Beach purchase.

The deal comes on the heels of several top-dollar Palm Beach County multifamily sales in recent months. In Delray Beach, Crow Holdings bought an apartment complex for $111.75 million in July.

In another Boynton Beach deal, LeCesse Development Corporation sold an apartment complex for $105 million in June to four Delaware entities, three tied to Avanti Residential and one to a real estate investment trust.





    Related Articles

    arrow_forward_ios
    A photo illustration of the Miami skyline (Getty Images)
    South Florida home sales plunge in July
    South Florida home sales plunge in July
    From left: NDT Development co-founders Damien Barr and Ned Grace along with 418-444 Nottingham Boulevard in West Palm Beach (Google Maps, NDT Development)
    Nora developer plans townhouses in West Palm Beach
    Nora developer plans townhouses in West Palm Beach
    Orlando, rents, multifamily market, affordable housing
    Rent control’s on November ballot in Orlando. Is Miami next?
    Rent control’s on November ballot in Orlando. Is Miami next?
    BoaVida's Eli Weiner with 1375 Military Trail (BoaVida Group, Goggle Maps)
    California firms pay $39M for West Palm mobile home park
    California firms pay $39M for West Palm mobile home park
    12525 Seminole Beach Road in North Palm Beach and Larry Ellison (Daniel Petroni/Douglas Elliman Realty, Getty)
    Larry Ellison lists North Palm Beach teardown for $145M
    Larry Ellison lists North Palm Beach teardown for $145M
    Trinsic Residential Group's Brian Tusa with 16955-17071 West Dixie Highway (Google Maps, Trinsic Residential)
    Trinsic nabs $99M loan to build North Miami Beach rentals
    Trinsic nabs $99M loan to build North Miami Beach rentals
    A rendering of BH Group’s planned project at 2261 Northeast 164th (Cohen Freedman Encinosa & Associates, Getty)
    BH plans 30-story North Miami Beach rental tower
    BH plans 30-story North Miami Beach rental tower
    Fontainebleau Development's Jeff Soffer and Brett Mufson, with the Regency Condominium at 250 Beach Road in Tequesta (Regency)
    Soffer pays $100M for condo building on Jupiter Island
    Soffer pays $100M for condo building on Jupiter Island
    arrow_forward_ios

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

    Loading...