Dallas Investor Buys Delray Beach, Fla., Rental for $112M

In the latest in a string of South Florida multifamily sales, Milestone Group purchased a property in Delray Beach, Fla., for $111.6 million, property records show.

The complex, called Axis Delray Beach, features 488 units across 57 acres at 1495 Spring Harbor Drive, just west of Interstate 95 near the Linton Boulevard exit. Completed in 1990, the 594,674-square-foot property is home to five buildings and a 19-acre lake. 

The sale equates to about $228,700 per apartment. Newmark (NMRK) provided a $92.2 million mortgage to the Dallas-based buyer.

The seller, Wellington, Fla.-based Bainbridge Companies, purchased the property for $107.5 million in 2017, according to property records. Representatives for Bainbridge Companies and Milestone Group did not immediately respond to requests for comment.

In recent weeks, there’s been an uptick in multifamily sales across South Florida, following a slowdown at the beginning of the year. 

Earlier this week, the investment arm of the Church of Jesus Christ of Latter-day Saints paid $133 million for a newly completed rental building in Plantation, and Brookfiled purchased a rental complex near Trump International Golf Club West Palm Beach for $107 million.

Further, Pantzer Properties and Ares Management each paid about $139 million for properties in Doral and Boca Raton. Both transactions are the largest multifamily deals to close this year, and closed in the past month and a half. 

Julia Echikson can be reached at jechikson@commercialobserver.com.