Avanti buys Boynton Beach apartments for $ 105 million


500 Ocean Apartments at 101 South Federal Highway, Boynton Beach (Photo via LandSouth Construction)

LeCesse Development Corporation has sold a 341 unit apartment complex in Boynton Beach for $ 105 million.

Skye of Boynton Beach LLC, related to LeCesse, has sold 500 Ocean Apartments at 101 South Federal Highway to four Delaware entities. Three are related to Denver-based Avanti Residential and one is related to a real estate investment trust, records show.

The deal is equivalent to $ 307,918 per unit.

Avanti Residential is the property management arm of Capital Real Estate, a real estate investment company also based in Denver, according to its website. The entity, 101 S Federal Highway Ground Owner LLC, is related to Safehold, a New York-based REIT, according to its website.

The Avanti entities funded the purchase with a $ 42 million loan from Berkeley Point Capital, according to records.

Built in 2018, 500 Ocean Apartments have one- to three-bedroom units ranging from 744 square feet to 1,306 square feet, according to Apartments.com. Facilities include a bowling alley, infinity pool, parking garage and theater and game room in the clubhouse.

Records show LeCesse paid $ 4.7 million for the 4.5-acre property in 2015. The property includes office and retail space.

South Florida’s multi-family investment sales have been strong in recent months. Most recently, James and Marta Batmasian’s Investments Limited purchased a 212-unit apartment complex in Deerfield Beach for $ 46 million.

Also this month, American Land Ventures and Isram Realty Group secured an $ 84.9 million construction loan for a 319-unit multi-family project in Boynton Beach. Also this year, Dermot Company purchased an apartment community in Boynton Beach for $ 143 million.

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