Grand Peaks bought a 448-unit apartment complex near Boca Raton for $90.9 million, marking a slight discount from its last sale price five years ago.
Denver-based Grand Peaks scooped up The Seven at West Boca at 10235 Boca Entrada Boulevard in unincorporated Palm Beach County from Tampa-based American Landmark Apartments, according to records and real estate database Vizzda. The buyer assumed a $62.3 million balance on a Freddie Mac loan from the seller.
The trade breaks down to $202,879 per unit.
The Seven at West Boca consists of six three-story buildings completed in 1988 on a 35.7-acre site, Vizzda records show. It offers one-bedroom to three-bedroom apartments, with monthly rents ranging from $2,050 to $3,255, Apartments.com shows.
The recent purchase price is 0.7 percent less than the complex’s 2019 sale price. At the time,
American Landmark, led by CEO Joe Lubeck, paid $91.5 million for it, records show.
American Landmark, a multifamily owner and operator, has a portfolio of about 32,000 units across the Southeast U.S., according to its website.
The firm has been a frequent player in South Florida’s multifamily market. In 2022, American Landmark bought the 214-unit The Asher complex at 1949 Cove Lake Road in North Lauderdale for $60.5 million, and it sold the 184-unit High Ridge Landing complex at 3609 High Ridge Way in Boynton Beach for $71 million.
In Cutler Bay, American Landmark plans a 470-unit apartment project with 14,000 square feet of retail and a garage on the site of the Ross Dress for Less outparcel at Southland Mall. The project is part of a larger redevelopment of the mall by the Toledano family’s BH Group and Electra America, which Lubeck leads as chairman. The entire project is for 4,395 apartments and condos, a 150-room hotel, 60,000 square feet of medical office space, and 150,000 square feet of retail outparcels. The main indoor mall will be renovated.
Grand Peaks, founded by the Simpson family in 2003, has a multifamily portfolio spanning 41 properties, including 13 in Florida, according to its website. It’s led by co-CEOs Luke and Nick Simpson.
In 2021, Grand Peaks paid $63 million for the 264-unit Cascades at the Hammocks apartment complex in Miami-Dade County’s West Kendall. Grand Peaks sold the 294-unit Art 88 by Trion Living rental complex at 8855 Fontainebleau Boulevard in Miami-Dade’s Fontainebleau neighborhood for $87.3 million in 2022.
South Florida’s multifamily market boomed from late 2020 through early last year due to an influx of out-of-state residents. Unprecedented leasing prompted record rent hikes and an investment sales frenzy.
This year, elevated interest rates, skittish lending and skyrocketing insurance have slowed deal activity and prompted some discounted sales. In September, New York-based Abacus Capital Group bought the 268-unit Marela Apartments at 250 Northwest 130th Avenue in Pembroke Pines for $110 million, marking a 9 percent discount from its 2021 purchase price.
Also, Graham Companies paid $69 million last month for the 448-unit Courtyards at Miami Lakes complex at 6431 Cow Pen Road in Miami Lakes.