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Tarragon Realty Buys New Boynton Beach Apartment Community for $45.5M

BOYNTON BEACH, FL-The New York-based firm paid about $159,090 per unit for the 286-unit community, Tuscany on the Intracoastal, recently completed by Altman Development Corp. of Boca Raton, FL. Wachovia Bank NA financed the acquisition.

By Melissa Bogdany | Updated on June 26, 2003

BOYNTON BEACH, FL-Tarragon Realty Investors Inc. has purchased Tuscany on the Intracoastal, a brand new luxury, waterfront apartment community in Boynton Beach, FL, for $45.5 million, or approximately $159,090 per each of the 286 units. The seller was Boca Raton, FL-based Altman Development Corp.

Wachovia Bank NA, which financed Tarragon Realty Investors’ most recent condominium conversion project in South Florida, also provided financing for the acquisition of Tuscany on the Intracoastal.

The four-story property, located at 2300 S. Federal Highway, offers one- to three-bedroom apartments. The gated-entry development offers Intracoastal Waterway and nature preserve views, numerous recreational opportunities and an 11,000-sf Mediterranean-style clubhouse. Other features include Mediterranean gardens, cascading fountains, barbecue areas, attached garages and covered parking decks, a lighted tennis court, elevators and exterior storage.

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