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Zell Buys 11-Year-Old Apartments for $80,258 per Unit

MIAMI-The Chicago entrepreneur's Equity Residential Properties Trust paid Prudential Real Estate Investors $37.4 million for the 466-unit, 8.5-acre, 92%-leased Savannah Lakes community in Boynton Beach, FL, adjacent to the 600-acre Quantum Corporate Park.

By Aurin Squire | Updated on July 29, 2002

MIAMI-Chicago entrepreneur Sam Zell’s Equity Residential Properties Trust, the largest publicly owned apartment REIT in the United States, paid Prudential Real Estate Investors $37.4 million or $80,258 per unit for the 11-year-old, 466-unit Savannah Lakes community in Boynton, Beach, FL, 65 miles north of Downtown Miami.

The 11-year-old, 92%-leased property is between the nine million-sf Boca Raton, FL office market and the 7.9-million-sf West Palm Beach office market. The 38 buildings in the complex at 220 Savannah Lake Drive are adjacent to the 600-acre Quantum Corporate Park.

Byron Moger, senior vice president and Richard Donnellan, managing director, Atlantic Realty Partners, Boca Raton, arranged the transaction for Newark, NJ-based Prudential.

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