American Landmark sold a Palm Beach County apartment complex for $71 million, nearly 70 percent above its purchase price four years ago.
An entity managed by Zoe Buchard of Kent, Washington, and Gary and Susan Burchard of West Palm Beach bought High Ridge Landing at 3609 High Ridge Way in Boynton Beach, records show. The buyer obtained a $37.5 million loan from the Western Southern Life Insurance Company.
The deal breaks down to $386,000 per apartment for the 184-unit complex completed in 2017. In Broward County, multifamily investors paid an average of $300,000 per apartment during the first six months of this year, according to a Cushman & Wakefield report. During the same period, South Florida clocked $5 billion in multifamily sales, the second highest six-month total on record.
High Ridge Landing’s seller, an entity managed by Joe Lubeck, CEO of Tampa-based American Landmark, bought the multifamily project for $41.9 million in 2018, records show. American Landmark disclosed the company spent $500,000 upgrading High Ridge Landing, a press release states.
The garden-style rental community is a mix of one-, two- and three-bedroom units. Monthly rents are between $1,855 and $2,855, according to Apartments.com.
Founded by Lubeck, American Landmark specializes in distressed multifamily properties, owning and selling more than 150,000 apartments during its 25-year existence, according to the firm’s website. American Landmark currently owns more than 32,000 units.
In South Florida, American Landmark has been both offloading and adding assets to its portfolio. Last month, the company and its partner, Washington D.C.-based RSE Capital, sold the 316-unit Park Colony Apartments in Hollywood for $69.5 million, $13.5 million above the joint venture’s 2018 purchase price.
Also in August, American Landmark paid $60.5 million, nearly double the previous sale price in 2016, for Glen at Cypress Creek. The 214-unit garden-style apartment community is in North Lauderdale.