456-Unit Boynton Beach Apartment Complex Trades for $183.5M
The Dermot Company sold The Seabourn, a 456-unit luxury townhome and apartment community in Boynton Beach, Florida to IMT Capital. The South Florida Business Journal reports the sales price was $183.5 million. Walker & Dunlop provided the buyer with a $119.28 million mortgage that Fannie Mae backed. The apartment complex last traded for $143 million in 2021.
The property, which has been rebranded as IMT Gulfstream by new ownership, includes one-, two-, and three-bedroom apartment homes, with all two- and three-bedroom units including direct access garages equipped with EV charging outlets. Units also feature community amenities including two heated pools, modern fitness centers, and inviting social spaces. Units in IMT Gulfstream range from 888 to 1,719 square feet and rent from $2,150 to $3,095, with an additional month of free rent for new residents.
The property is located at 3501 South Federal Highway, Boynton Beach. The apartment complex was built on the 23-acre site in 2012 and 2013.
Other News
Gilbane, Strada Development Break Ground on Affordable Tower in Castle Hill/Soundview
City and state officials joined Gilbane, Strada Development LLC and the Center for Urban Community Services (CUCS) to break ground on 1920 Turnbull, a $175-million affordable and supportive housing development located at 1920 Turnbull Ave. in the Castle Hill/Soundview neighborhood of the Bronx. 1920 Turnbull will deliver a 22-story building with 228 affordable rental apartments,...
Learn more
PCCP Provides $41M Refi on North Park Multifamily
PCCP has provided a $41-million senior loan to refinance Tenney North Park, a newly constructed, 125-unit multifamily property with ground-floor retail in San Diego’s North Park submarket. The loan was provided on behalf of owner and developer Foulger-Pratt and refinanced an existing construction loan. Built in 2025, Tenney North Park is an eight-story property located...
Learn more
Merchants Capital Secures $30M for 227-Unit Indianapolis Multifamily Development
Merchants Capital announced $30.7 million in forward-committed permanent financing for Central at Old Southside, a 227-unit 4% low-income housing tax credit multifamily development to be built in Indianapolis, Indiana, by The Annex Group. Merchants Capital secured a $30.7 million cash-backed Freddie Mac Forward TEL loan for the development. “The addition of more than 200 affordable...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout