Banking on Boynton Beach: Nuveen drops $126M for apartment complex

Ram Realty sold 350-unit, three-building project

Miami /
Jan.January 03, 2022 10:30 AM

Mike Sales, chief executive officer, Nuveen Real Estate, in front of The District Boynton at 1000 Audace Avenue in Boynton Beach (Nuveen Real Estate, Apartments.com)

Nuveen Real Estate dropped $125.9 million to acquire The District Boynton, a 350-unit apartment complex, notching the latest in an ongoing string of big ticket multifamily deals in South Florida.

An entity managed by executives of the New York-based real estate investment firm bought the three-building project at 1000 Audace Avenue in Boynton Beach, records show. Nuveen, led by CEO Mike Sales, paid $359,714 per apartment.

The seller is an affiliate of Ram Realty Advisors, which acquired the land in 2016 for $15.7 million. Ram Realty completed the luxury apartment complex a year later, according to records.

A Newmark team led by Avery Klann represented Ram Realty, according to a press release. The District Boynton was 96 percent leased when the deal closed.

The apartment complex features one-bedroom, two-bedroom, and three-bedroom units with monthly rents between $2,000 to $3,200, according to Apartments.com. Amenities include a clubhouse, a private courtyard with a heated saltwater pool and beach entry, a sundeck with shaded cabanas, and a 24-hour fitness center.

In a statement, Carlos Burneo, a Nuveen Senior Director, said The District Boynton is in a strategic location in Palm Beach County that is experiencing one of the fastest population growths in the country.

Nuveen manages $142 billion in real estate assets globally, according to the firm’s website. The company has been active in residential and industrial segments of South Florida the past year. In April, Nuveen paid $46.5 million for Waterview, a 192-unit apartment complex in Coconut Creek.

Six months later, Nuveen bought two warehouses in Weston from Prologis for $110 million. And in October, the firm acquired LaVida Apartments, a pair of eight-story buildings in Miami’s Blue Lagoon neighborhood for $98 million.

Including Nuveen’s purchase of The District Boynton, institutional investors have spent $722 million in a handful of South Florida multifamily deals in the last two weeks. Germany’s Union Investment paid $226.5 million for EON Squared, a 12-story apartment complex in Fort Lauderdale’s Flagler Village. New York-based GMF Capital bought Hollywood East, a 247-unit apartment building in Hollywood, for $102.5 million.

Brookfield Properties paid $187.7 million for the Solano at Miramar, a garden-style community in Miramar. And Westover Companies bought the 240-unit Beach Walk at Sheridan apartment complex in Dania Beach for $78.7 million.





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