American Landmark Apartments expanded its South Florida multifamily portfolio with the acquisition of a 214-unit apartment community in an unincorporated area between Boynton Beach and Lake Worth Beach.
The Tampa-based investment manager purchased Savona Grand at 7132 Colony Club Drive, bringing its South Florida portfolio to four properties and its Florida holdings to 21 communities, according to the company’s news release.
American Landmark did not disclose the purchase price or whether it obtained a mortgage, but records show the seller of the 13-acre, 296,000-square-foot property is two companies tied to Southstar Capital Group of Boca Raton.
Charleston, South Carolina-based Greystar sold the 214-unit apartment complex to Southstar in 2019 for $47.8 million — $223,000 per unit, records show. Southstar secured a $32 million mortgage from Hunt Mortgage Capital in that acquisition.
The property sits north of Boynton Beach and south of Lake Worth, near the intersection of Hypoluxo Road and South Military Trail.
Completed in 2003, the apartment complex has one-, two- and three-bedroom apartments, with amenities including a pool, fitness center, clubhouse, basketball and tennis courts, pickleball court, dog park and gated entry.
Rent prices in Savano Grand were not available, but according to Apartments.com, the Boynton Beach area has one-bedroom apartments averaging $2,007 per month, two-bedroom units for $2,326 and three-bedroom spaces for $2,730. In 2019, monthly rents at the building ranged between $1,173 and $2,943.
American Landmark said it plans to invest in upgrades at the property, which is near Florida’s Turnpike and Interstate 95, as well as HCA Florida JFK Hospital and Palm Beach State College.
“Palm Beach County continues to attract residents and employers at a pace few markets can match, yet new supply remains constrained,” Elizabeth Roy, American Landmark’s chief investment officer, said in a statement.
American Landmark owns and operates more than 36,000 apartment units valued at more than $7 billion across Sun Belt markets.
Read more
Commercial
South Florida
Apartment giant Greystar sells complex near Lake Worth for $48M