Real Estate Philanthropist Jay Shidler Buys Boynton Beach Rental Complex for $153M
Real estate mogul Jay Shidler is bringing his brand of philanthropy to South Florida. His family office acquired a Boynton Beach, Fla., rental complex for $153 million and will be placed in an irrevocable trust, property records show.
The Shidler Group purchased The Sealofts at Boynton Village, located at 600 Sea Lofts Drive, a block east of the Boynton Beach Mall.
Shidler, once considered the wealthiest resident of Hawaii, has interlaced philanthropy and real estate over the past decade. In 2019, The Shidler Group began investing in markets experiencing a shortage of affordable units. “The land underlying these multifamily communities is often placed in irrevocable trusts, for the benefit of certain educational and social institutions,” the firm’s website states.
In Boynton Beach, Shidler followed his philanthropic formula, signing a ground lease with an entity managed by the family office, according to records. Over the past year, rents in South Florida have soared as northerners flocked to the region in the wake of COVID-19.
Shidler’s ground leases, per the family office’s website, have generated income for the University of Washington and the University of Hawaii, which renamed its business school after the philanthropist.
For the Boynton Beach deal, The Shidler Group secured a $79 million loan from Virginia-based Harbor Group International, per property records. Completed in 2020, the property spans 19.4 acres, holding 433 units across four buildings. Monthly rents for one- to three-bedrooms range between $1,825 and $3,800, according to Apartments.com.
The seller, Boston-based Rockpoint Group, had purchased the land for $19.5 million in 2018 and scored a $66 million construction loan from Wells Fargo the following year, according to records.
A representative for Shidler did not immediately respond to a request for comment.
Julia Echikson can be reached at firstname.lastname@example.org.