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Big Sales

Cashflow In Miami
February 26, 2022

Boynton Beach Big Sales

600 Sealofts Drive, Boynton Beach

Cortina III Owner LLC, a partnership between Boston-based Rockpoint Group and Houston-based Morgan Group, sold the 433 units at 600 Sealofts Drive for $153 million.

The buyer was Terra Funding – Sea Lofts LLC, managed by Anthony K. Talbert as a partner of Honolulu-based Shidler Group. It immediately signed a ground lease with 600 Sea Lofts LLC, managed by Shidler Group Managing Partner Kimberly F. Aquino. The latter company obtained a $79 million mortgage from HGI Commercial Funding II LLC, in care of Harbor Group International in Norfolk, Virginia. The price equated to $353,349 per unit.

The Sealofts were built on the 19.38-acre site about five blocks west of Interstate 95 in 2020. Amenities include a pool, a steam room, a yoga garden, electric vehicle charging stations, a playground, grilling stations, a gym, a game room, an indoor sports court, and a volleyball court.

1000 Audace Ave. Boynton Beach

RRPIV Cortina LLC, an affiliate of Palm Beach Gardens-based Ram Realty Advisors, sold the 350 apartments at 1000 Audace Ave. for $125 million.

The buyer was USCMF District at Boynton LLC, an affiliate of Chicago-based Nuveen Real Estate, the commercial real estate arm of Teachers Insurance and Annuity Associates. The price equated to $359,571 a unit.

The District Boynton totals 391,475 square feet. It was developed on the 13.2-acre site a block east of Congress Avenue in 2017. It’s near Quantum Corporate Park.

Ram Realty Advisors said the apartment complex was 96% occupied. That reflects the strong demand for apartments in Palm Beach County.

Amenities at District Boynton include a heated saltwater pool with beach entry, a summer kitchen, a 24-hour fitness center, a yoga studio, a playground, a pet spa, and business meeting spaces.  

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