American Landmark in partnership with its debt and equity partner Electra America have acquired the High Ridge Landing apartments in Boynton Beach for $41.9m. Built in 2014, the 184-unit property changed hands for just under $227,720 per unit. The buyers intend to invest $500,000 in upgrades to the clubhouse, pool area, fitness center and landscaping. Berkadia arranged a 10-year fixed-rate acquisition loan through Freddie Mac on behalf of the joint venture. This is the third purchase for American Landmark this year, following its acquisitions of 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,” said 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.”
