PALM BEACH—Colony Club has a new name and a new owner. Multifamily real estate investment firm Advenir has snapped up the apartment community, renaming it Advenir at Boynton. Advenir paid $26.65 million for the 214-unit, class A multifamily property in Boynton, a submarket of Palm Beach.

“Advenir at Boynton is the newest built property in the submarket,” Todd Linden, chief acquisition officer of Advenir, tells GlobeSt.com. “We received a $10,000 per unit discount for comparable product due to the mismanagement by the seller.”

Linden went on to say that Advenir was attracted to the multifamily asset because of the management upside, significant value to replacement cost, strong market fundamentals and lack of new construction. The firm is actively looking to acquire more stabilized income producing multifamily assets in markets where there is an outlook for healthy economies, positive employment growth, and in-migration.