300-unit, 13-acre property traded for about $163k per apartment
A Los Angeles-based real estate investment ﬁrm just paid $49 million for a 300-unit multifamily complex in Boynton Beach in an off-market deal, a source told The Real Deal.
Robbins Electra, a multifamily real estate company, sold the Ashley Lake Park Apartments, at 5020 Ashley Lake Drive, to TruAmerica Multifamily. ARA Newmark brokered the deal. The property is 95 percent occupied.
Records show Robbins Electra’s Ashley Lake Park Apartments LLC purchased the 13-acre complex in 2012 for $27.1 million.
The Boynton Beach apartments, built in 1987, range from 554 square feet to 1,332 square feet and average $1,320 in monthly rent, according to Realtor.com. Ashley Lake Park has one-, two- and three-bedroom apartments. Amenities include access to a fitness center, pool, playground and a tennis court, and the apartments feature in-unit washers and dryers.
Robbins Electra CEO Joseph Lubeck told TRD in April that the company expects to spend about $1 billion this year acquiring apartment properties. Lubeck also confirmed that the Boynton Beach complex was under contract.
“The partners and investors felt this was a good time to recognize some profit,” Lubeck previously said. “Most of our acquisitions are off-market and privately negotiated deals, where there’s not a significant bidding or auction environment.”
Robbins Electra owns 30 apartment properties in Florida and two in South Florida – The Ashley Lake Apartments and The Fountains in Palm Beach Gardens. Nationwide, the company owns and manages about 23,000 apartments.
TruAmerica has been actively seeking apartment investment opportunities in Florida since opening its East Coast office in Arlington, Virginia, in the fall of 2016. In Los Angeles, the firm shelled out $163 million to buy a newly constructed 395-unit luxury apartment community in the Warner Center district last year. TruAmerica paid $98 million earlier this year for a two-property, 708-unit apartment portfolio in Orlando in a joint venture with Bahrain-based Investcorp.
The Ashley Lake Park Apartments community is one of a handful of multifamily complexes that have fetched price tags above $50 million in South Florida. Last month, a Canadian developer picked up a 468-unit residential development near Miami Gardens for $50 million. Also in June, Hines sold Aviva Coral Gables, a 276-unit completed apartment complex near the Gables, for $100 million.