American Landmark acquired the High Ridge Landing apartments in Boynton Beach for $41.9 million.
High Ridge Housing LLC, an affiliate of Palm Beach Gardens-based Eastwind Development, sold the 184-unit apartment complex at 3609 High Ridge Way. It was completed on the 7.7-acre site in 2017.
The price equated to $227,717 per unit.Tampa-based American Landmark said it would spend $500,000 upgrading the property, including improvements to the clubhouse and pool area with a grilling station and new furniture, upgrades to the fitness center, and a new Wi-Fi cafe.
The pool at High Ridge Landing in Boynton Beach.
"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."
The financing for the deal was arranged by Berkadia’s Mitch Sinberg, Matt Robbins, Bob Falese, Matt Cullison, and Wes Moczul.
American Landmark works with Electra America, a West Palm Beach-based private equity firm which is raising a $300 million multifamily investment fund that it plans to leverage into $1.5 billion in acquisitions in the Southeast U.S.
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Rank Company Sq. ft. managed, July 2017 1 Cushman & Wakefield of Florida 24.23 million 2 CBRE 20.79 million 3 Prologis 14.70 million View This List