South FL Value-Add Property Sells for $44M
- Jun 26, 2018
ARA Newmark has brokered the sale of Aventine at Boynton Beach, a 216-unit garden-style community in Boynton Beach, Fla. Robbins Property Associates purchased the asset for $43.9 million. Vice Chairmen Avery Klann and Hampton Beebe, along with Director Jonathan Senn, represented the seller, Claremont Cos.
According to Yardi Matrix data, the sale was subject to a $29.8 million loan held by Freddie Mac. Berkadia’s Senior Managing Director Mitch Sinberg, Associate Director Matt Robbins and Senior Analyst Wesley Moczul arranged the 10-year green loan on behalf of the buyer. At the time of the transaction, the property was approximately 96 percent occupied.
Located at 1575 SW 8th St., Aventine at Boynton Beach is west of Interstate 95, in central Palm Beach County. The 2002-built asset comprises one-, two- and three-bedroom units with interiors averaging 1,097 square feet. Common-area amenities include a fitness center, swimming pool and spa, clubhouse, tennis and volleyball courts and playground. The new owner intends to invest several million dollars in interior and exterior upgrades, as well as amenity enhancements.
“The combination of concrete-block construction, nine-foot ceilings and most units still having their original finishes, make Aventine at Boynton Beach a perfect value-add candidate,” said Klann, in a prepared statement.
The same ARA Newmark team of brokers recently contributed to another South Florida deal. Greystar Real Estate Partners sold a four-property portfolio totaling 1,616 units.
Image courtesy of ARA Newmark
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