Smith & Henzy Advisory Group purchased an cost-effective senior condominium complicated in Boynton Beach for $53 million.
The Pérez family’s Coconut Grove-based mostly Related Group marketed the 240-unit garden-type Boynton Bay Flats, which is restricted for people 55 and older, at 1785 Northeast Fourth Street, in accordance to documents and authentic estate database Vizzda. Delray Beach-centered Smith & Henzy took out a $10.7 million bank loan and a $47.3 million financial loan from the Palm Seashore County Housing Finance Authority.
The sale breaks down to $220,833 for each device.
Information exhibit Smith & Henzy is starting up renovations of Boynton Bay Apartments. The complicated also takes advantage of the deal with 499 Boynton Bay Circle.
Completed in 1991 on 21.4 acres, Boynton Bay Residences is made up of 18 two-tale structures and a pool, Vizzda information present. Associated, led by Jorge Pérez and his sons, Jon Paul and Nicholas Pérez, paid out $48 million for the intricate in 2022, data show.
Led by Darren Smith and Timothy Henzy, Smith & Henzy is an very affordable housing developer and investor that has a portfolio of $1.6 billion of financed and made initiatives, in accordance to its web page. Considering the fact that 2014, the organization has preserved or established 6,000 affordably priced residences and has a current portfolio of 1,800 rentals, with 2,000 in the development pipeline.
Last calendar year, Smith & Henzy landed a $42.3 million development financial loan for the 150-unit St. Joseph Manor II Residences, an inexpensive advanced beneath development on 8.3 acres at 1200 Northwest Sixth Avenue in Pompano Seashore. Smith & Henzy leases the land from the Archdiocese of Miami.
Traders and developers are betting on South Florida’s inexpensive housing market. The tri-county location faces a lack of down below-industry charge units because of to an inflow of very well-heeled out-of-staters who designed unprecedented condominium need that led to record lease hikes. In a drive to ease the affordable housing scarcity, Florida lawmakers authorized the Dwell Local Act, which incentivizes design of underneath-marketplace rate models by providing builders wiggle place on municipal zoning limitations and making it possible for them tax breaks.
Traders betting on South Florida’s reasonably priced housing include New York-dependent Linked Providers, led by Steve Ross. Previous 12 months, it paid out $48.2 million for the 320-unit, yard-style Sorrento advanced at 8991-9577 Southwest 41st Street in Miramar.
In the Cypress Creek space of Fort Lauderdale, Dallas-dependent Trinsic Household Team plans a 12-tale, 340-device economical condominium constructing on a parking large amount next to the Westin hotel northeast of the intersection of Cypress Creek Road and I-95.
