Waterton Buys Boynton Beach Apartment Complex for $80M

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It isn’t fair Verona, but it’s fair enough in the eyes of these investors.

Real estate investment firm Waterton closed on the purchase of Verona at Boynton Beach, a residential complex at 1575 SW 8th Street, as transplants resettle in the South Florida enclave seeking an affordable lifestyle.

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The property sold for $80 million, almost double its last sale price of $43 million in 2018, according to Palm Beach County records.

The 14-acre property has nine, three-story residential buildings with 216 units, which Waterton believes will be a sound investment as people follow the traditional migration route from the Northeast to Florida, as well as the newer trend of people seeking lower rents away from Miami-Dade County.

We expect notable corporate relocations and a corresponding influx of new residents, to increase the number of high-income jobs which, combined with strong demand and the larger-than-average floor plans at Verona at Boynton Beach, make the fundamentals here very attractive,” said Julie Heigel, vice president of acquisitions at Waterton.

The most recent owner of the complex was Massachusetts-based Robbins Property Associates.

Robbins Property Associates did not return a request for comment.

Mark Hallum can be reached at mhallum@commercialobserver.com.