American Landmark, along with its debt and equity partner Electra America, has acquired High Ridge Landing, a newly developed multifamily community in Boynton Beach, Fla. The partners plan to close $1.5 billion in multifamily transactions in 2018 across the Southeast. This is the third so far, following the $24 million purchase of Waters Edge, a Tampa property that was rebranded as WestEnd at 76Ten and underwent more than $1.5 million in renovations.
“We privately negotiated a very attractive price point for this well-located, Class A asset,” said Christine DeFilippis, chief investment officer at American Landmark. “We have great confidence in central Palm Beach County’s growing job base, increased tourism and exceptional quality of life, and are thrilled to be a part of Boynton’s revitalization.”
Located at 3609 High Ridge Way, the community offers 184 one-, two- and three-bedroom floorplans ranging from 833 to 1,219 square feet. Comprising eight two- and three-story buildings, the property was completed in 2017 and is currently at a 94 percent occupancy as of April 2018, according to Yardi Matrix. Apartment features include chef-caliber kitchens, private balcony/patios, tile backsplash, granite countertops, stainless steel appliances, upgraded lighting fixtures, walk-in closets, from door smart locks, vinyl plank flooring, ceiling fans and washer/dryers. Community amenities include:
- fitness center with yoga/spin room
- exterior dog wash
- benches and scenic views
- business center
- electric car charging stations
- detached garages
- resort-style pool
- luxor package locker system
The partners plan on investing an additional $500,000 on updates to the clubhouse, fitness center, landscaping, adding a Wi-Fi cafe, and improving the pool area to include an outdoor summer kitchen and grill space, as well as new furniture.
Berkadia’s Senior Managing Directors Mitch Sinberg and Bob Falese, Associate Director Matt Robbins, Senior Director Matt Cullison and Senior Analyst Wes Moczul arranged a 10-year fixed-rate acquisition loan through Freddie Mac, on behalf of the joint venture.
Image courtesy of American Landmark