BOYNTON BEACH, FL—Tampa-based American Landmark has purchased the recently built multifamily community High Ridge Landing here in Palm Beach County for $41.9 million.
The firm will spend $500,000 on additional upgrades to the 184-unit property that was completed last year. The planned capital improvements include upgrades to the upscale clubhouse, the pool area with the addition of a grill space and new furniture, adding a Wi-Fi café, as well as improvements to the fitness center and landscaping.
Along with Electra America, its debt and equity partner, American Landmark plans to close $1.5 billion in multifamily deals in 2018 throughout the Southeast. This is Electra's and American Landmark's third multifamily acquisition so far this year. In South Florida, they also own and operate Beach Walk at Sheridan in Dania Beach and Lago Paradiso in Miami.
“We privately negotiated a very attractive price point for this well located, Class A asset,” says Christine DeFilippis, chief investment officer at American Landmark. “We have great confidence in central Palm Beach County's growing job base, increased tourism and exceptional quality of life, and are thrilled to be a part of Boynton's revitalization.”
High Ridge Landing is located at 3609 High Ridge Way. Units range from one to three bedrooms, featuring stainless steel appliances and granite countertops, walk-in closets, private balconies, detached garages, Wi-Fi access and various floor plans. Amenities available to residents consist of a yoga and spin studio, pool, auto charging stations, fitness center and business center.
Berkadia's South Florida team arranged financing for the property purchase.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
