Boston-based boutique hotelier buys Wilton Manors apartment building for $8M

Thomas Walters’ affiliate acquired Del Mar Estates, a 15-unit multifamily property

Miami /
Jan.January 24, 2022 10:30 AM

Thomas Walter, president, Applied Hospitality in front of the Del Mar Estates at 611 Northeast 29th Drive in Wilton Manors (Applied Hospitality, LoopNet)

A Massachusetts boutique hotelier joined South Florida’s multifamily buying frenzy by purchasing a small apartment building in Broward County for $7.8 million.

Boston-based Boutique Hospitality bought the four-story, 15-unit Del Mar Estates at 611 Northeast 29th Drive in Wilton Manors, according to records. Boutique Hospitality’s president is Thomas Walter, who is also president of Applied Hospitality, a company that developed and currently manages a handful of boutique hotel properties in Provincetown, Massachusetts, according to the firm’s website.

For its Wilton Manors acquisition, Boutique Hospitality paid $520,000 per apartment.

The seller, an affiliate of New York-based Tona Construction and Management, paid $1.2 million for the property in 2014, records show. Tona, led by CEO Domenick Tonnacio, completed the 21,095-square-foot building in 2020.

Del Mar Estates has one-bedroom units ranging from 550 square feet and 880 square feet, and 1,200-square-foot two-bedroom apartments, according to an online listing. Monthly rents start at $1,650, according to Apartments.com.

Each apartment has an open kitchen design, modern flooring, a washer and a dryer and walk-in closets. The building’s amenities include an atrium courtyard with a koi pond and tropical landscaping, a private gym, a pool with a pavilion and a boat dock.

Just about every type of multifamily property in South Florida is attracting investors looking to cash in on the region’s high demand for rentals. Global investment powerhouse Blackstone led the frenzy this month by purchasing more than a dozen affordable housing apartment communities in Miami-Dade and Broward counties from Hollywood-based The Cornerstone Group for more than $300 million.

In a deal closer to the Del Mar price range, New York broker Moshe Majeski paid $8.2 million for a 26-unit multifamily portfolio in Bay Harbor Islands in Miami-Dade.

In a deal aimed at capitalizing on student housing, Mankato, Minnesota-based Tailwind Group bought a 15-story, 149-unit apartment building near Florida International University’s main campus for $46 million.





    Related Articles

    arrow_forward_ios
    the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami (Google Maps, LinkedIn)
    Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
    Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
    Blue Road’s Marcelo Tenenbaum and Jorge Savloff with Emblem Tower (Northmiamifl, Blue Road, iStock)
    Blue Road plans 20-story, 139-unit multifamily project in North Miami
    Blue Road plans 20-story, 139-unit multifamily project in North Miami
    renderings of the proposed three-tower development on the site of an existing Hyatt and the James L. Knight Center on the Miami River at 400 Southeast Second Avenue, Miami (Arquitectonica, Gencom, LinkedIn)
    Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
    Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
    Two Roads' Reid Boren and Taylor Collins with the site of 9927 and 9955 East Bay Harbor Drive in Bay Harbor Islands (Two Roads, Google Maps)
    Chicago developer buys four waterfront Bay Harbor Islands dev sites for $23M
    Chicago developer buys four waterfront Bay Harbor Islands dev sites for $23M
    Pantzer's Jason and Jordan Pantzer with The District Flats apartment complex at 1701 Clare Avenue (Pantzer Properties, Google Maps)
    Pantzer pays $78M for West Palm Beach apartment complex
    Pantzer pays $78M for West Palm Beach apartment complex
    Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue (LinkedIn, Kushner, Morali via Sasha Maslov, Google Maps)
    Kushner to co-develop multifamily project south of Hard Rock Stadium
    Kushner to co-develop multifamily project south of Hard Rock Stadium
    Luna at Hollywood condominium at 3600 Van Buren Street (Apartments.com, iStock)
    Surfside investor completes $34M Hollywood bulk condo purchase
    Surfside investor completes $34M Hollywood bulk condo purchase
    Shoma's Masoud Shojaee and Stephanie Shojaee with 3650 Bird Road (Shoma Group, Google Maps)
    Shoma pays $34M for Miami apartment towers dev site
    Shoma pays $34M for Miami apartment towers dev site
    arrow_forward_ios

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

    Loading...