Related and Rockpoint Sell Palm Beach County Rental Complex for $138M
By Julia Echikson June 20, 2023 6:18 pm
reprints
Related Group and Rockpoint sold a newly completed apartment complex in Lantana, Fla., for $138 million, property records show.
The four-building property, Manor Lantana Apartments, is at 861 Water Tower Way between Dixie Highway and Interstate 95. With 348 units in total, the sale equates to $396,551 per apartment.
The joint venture purchased the 18-acre site for $16.5 million and secured a $63.6 million construction loan from CIBC Bank, both in 2020, completing the development a year later.
The buyer, Praedium Group, secured a $75.9 million mortgage from Northwest Mutual Life Insurance.
New York-based Praedium Group, which opened an office in Boca Raton at Two Town Center in March, has expanded its Florida portfolio in recent months. It acquired Versol, a 240-unit rental property in Bonita Springs; Viridian at Bonita Springs, a 264-unit property; Seven41 Winter Park, a newly developed, 222-unit property in Winter Park; as well as Gatehouse on the Green, a 312-unit multifamily property in Plantation.
“Florida is one of Praedium’s target markets, and we believe the state will continue to see population, job and income growth,” Russell Appel, founding principal of Praedium, said in a statement.
The Lantana sale marks the latest offload for Related and Rockpoint, major players in South Florida real estate, which launched a $2 billion multifamily fund together in 2018. Last year, the partners sold a newly built multifamily complex in Boca Raton for $194 million.
A spokesperson for Rockpoint declined to comment. Representatives for Related and Praedium Group did not immediately respond to requests for comment.
Julia Echikson can be reached at juliaechikson@commercialobserver.com.
