Blackstone buys Boynton Beach apartment complex for $171M

Deal breaks down to $346K per unit

Miami /
Sep.September 03, 2021 09:45 AM
Blackstone chair, CEO and co-founder Stephen Schwarzman and RangeWater Real Estate CEO Steven Shores with the complex (Getty, LinkedIn via Shores, One Boynton)

Blackstone chair, CEO and co-founder Stephen Schwarzman and RangeWater Real Estate CEO Steven Shores with the complex (Getty, LinkedIn via Shores, One Boynton)

UPDATED, Sept. 3, 11:30 a.m.: An entity tied to New York-based investment behemoth Blackstone bought the One Boynton apartment complex for $171 million.

The buyer, which lists several Blackstone executives, purchased the 494-unit apartment complex at 1331 and 1351 South Federal Highway in Boynton Beach from an affiliate of Atlanta-based RangeWater Real Estate, according to records.

The deal breaks down to $346,154 per door.

The five-building One Boynton, built in 2009, includes a swimming pool, a garage and 43,236 square feet of retail on roughly 14.8 acres, property records show.

RangeWater Real Estate, founded in 2006 and led by President and CEO Steven Shores, bought the complex in 2016, when it was called Las Ventanas, for $109.4 million.

Florida corporate records show the buyer is managed by A.J. Agarwal, Kenneth Caplan, Frank Cohen, Giovanni Cutaia and Rob Harper, all of whom hold various titles in real estate at Blackstone. A member of the buying group is BCORE MF One Boynton Member, which ties to Revantage North America, a corporate servicer of Blackstone’s real estate portfolio.

Blackstone, led by chair, CEO and co-founder Stephen Schwarzman, invests on behalf of pension funds, large institutions and individuals, according to its website. Its real estate arm has $208 billion of investor capital under management, with its global real estate portfolio valued at $378 billion as of March.

In March, Blackstone’s real estate funds’ U.S. portfolio company EQ Office bought 2 and 3 MiamiCentral office towers at the Brightline passenger train station in downtown Miami for $230 million.

Blackstone has other South Florida investments. In August 2020 it bought eight industrial properties in Hialeah, Medley, Doral and Miami for $93.5 million.

Blackstone’s One Boynton purchase comes amid a hot South Florida multifamily market, with unprecedented demand largely from newcomers. In the second quarter, Berkadia reported rents jumped across the region 7.9 percent, year over year, but the hikes reached 24 percent in Palm Beach County submarkets.





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