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Altman Snaps Up Peninsula Apartments for $8M

BOYNTON BEACH, FL-After the previous owner defaulted on a $21.6 million loan, Altman picks up a unique inlet multifamily property at far below replacement costs.

By Jennifer LeClaire | Updated on September 27, 2010

BOYNTON BEACH, FL-Boca Raton-based Altman Development has acquired Peninsula on the Intracoastal, a multifamily community in Boynton Beach, out of foreclosure for $8.3 million. The non-fractured community includes 50 units and room to build 20 townhome sites.

The Florida Division of Atlanta-based ARA, an investment advisory brokerage firm that focuses exclusively on the multihousing industry, represented PNC Bank. ARA Florida’s Boca Raton-based team of Hampton Beebe, Avery Klann and Marc deBaptiste brokered the deal. The original developer, Deerfield Beach-based Waterbrook Peninsula LLC, defaulted on a $26.1 million loan.

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