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.