Woodward Properties buys Boynton Beach multifamily for $13M

Villas of Boynton Beach last traded in 2015 for $6.2M

Miami /
Aug.August 16, 2021 11:30 AM
The Villas of Boynton Beach (Woodward Properties)

The Villas of Boynton Beach (Woodward Properties)

Woodward Properties bought the 72-unit The Villas of Boynton Beach for $12.7 million.

Havertown, Pennsylvania-based Woodward Properties paid about $176,000 per unit for the apartments at 405, 406, 503, 504, 512, 515 Southeast 20th Avenue, property records show.

Dillon Boynton, led by members Austin and Lawrence Rolnick, as well as Kimberly Sorrentino, sold the apartment buildings west of South Federal Highway on the north and south side of Southeast 20th Avenue. Sorrentino is the CEO of Pentaurus real estate investor and manager based in Mountainside, New Jersey.

Dillon bought the apartments in 2015 for $6.2 million.

The seven buildings, constructed from 1957 to 1974, total 49,000 square feet. The property sits across 2.7 acres and includes a pool.

Woodward Properties, led by Michael Woodward, invests in multifamily and also provides property management, focusing on Delaware and Montgomery counties in Pennsylvania since 1976, according to its website. The Villas is its first South Florida investment. It also offers office space in Delaware County.

The deal comes amid a hot multifamily market, with rents increasing 7.9 percent year-over-year and top-dollar investment sales. A healthy job market, with both restored jobs and new employment opportunities, is attracting more residents, resulting in a pent-up demand.

This has translated to an active investment sales season. In August, Cortland’s purchase of a new Boca Raton complex for $230 million marked the most expensive multifamily deal of the year.

In other top investment purchases, Crow Holdings bought a Delray Beach complex for $111.8 million in July.





    Related Articles

    arrow_forward_ios
    Two Roads Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House (Two Roads Development, Frisbie Group, The Boundary with Noe & Associates, Getty)
    Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
    Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
    The property at 15998 Walgreens Drive near Jupiter with MG3 Group’s Marcelo Saiegh, Gustavo Bogomolni and Hernan Leonoff (CBRE, MG3 Developer)
    MG3 drops $78M for Walgreens distribution facility near Jupiter
    MG3 drops $78M for Walgreens distribution facility near Jupiter
    13th Floor Investments' Arnaud Karsenti and Key International's Inigo Ardid and Diego Ardid with rendering of southwest corner of South Congress Avenue and Old Germantown Road (13th Floor Investments, Key International)
    13th Floor JV nab $102M construction loan for Delray project
    13th Floor JV nab $102M construction loan for Delray project
    Sean Hannity with 9 Sloans Curve Drive (Getty, Google Maps)
    Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
    Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
    404 East Coconut Palm Road in Boca Raton (Google Maps, Getty)
    Waterfront Boca Raton spec mansion sells for $19M
    Waterfront Boca Raton spec mansion sells for $19M
    (Illustration by The Real Deal; Getty)
    Residential sales fall 30% across South Florida
    Residential sales fall 30% across South Florida
    (Illustration by The Real Deal; Getty)
    North Palm Beach caps height of two-story homes
    North Palm Beach caps height of two-story homes
    211 Dunbar Road (Google Maps)
    Good ROI? Wealth manager sells non-waterfront Palm Beach estate for $21M
    Good ROI? Wealth manager sells non-waterfront Palm Beach estate for $21M
    arrow_forward_ios

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

    Loading...