American Landmark CEO Joe Lubeck and the Superior Ridge Landing apartment complicated at 3609 High Ridge Way in Boynton Beach (American Landmark, Google Maps)
American Landmark offered a Palm Beach front County apartment advanced for $71 million, approximately 70 p.c earlier mentioned its obtain selling price 4 decades back.
An entity managed by Zoe Buchard of Kent, Washington, and Gary and Susan Burchard of West Palm Beach acquired Significant Ridge Landing at 3609 Substantial Ridge Way in Boynton Beach, records present. The buyer received a $37.5 million personal loan from the Western Southern Life Insurance plan Organization.
The offer breaks down to $386,000 per apartment for the 184-device sophisticated finished in 2017. In Broward County, multifamily investors paid out an typical of $300,000 for every apartment for the duration of the 1st six months of this year, in accordance to a Cushman & Wakefield report. Throughout the exact interval, South Florida clocked $5 billion in multifamily product sales, the next maximum 6-month whole on record.
Superior Ridge Landing’s vendor, an entity managed by Joe Lubeck, CEO of Tampa-primarily based American Landmark, bought the multifamily venture for $41.9 million in 2018, information display. American Landmark disclosed the firm spent $500,000 upgrading Large Ridge Landing, a push release states.
The backyard garden-design and style rental group is a blend of 1-, two- and three-bed room units. Month to month rents are involving $1,855 and $2,855, according to Residences.com.
Launched by Lubeck, American Landmark specializes in distressed multifamily properties, possessing and providing extra than 150,000 apartments in the course of its 25-yr existence, in accordance to the firm’s web-site. American Landmark currently owns additional than 32,000 units.
In South Florida, American Landmark has been both equally offloading and adding assets to its portfolio. Final month, the business and its associate, Washington D.C.-primarily based RSE Cash, offered the 316-device Park Colony Apartments in Hollywood for $69.5 million, $13.5 million above the joint venture’s 2018 obtain cost.
Also in August, American Landmark compensated $60.5 million, approximately double the preceding sale selling price in 2016, for Glen at Cypress Creek. The 214-unit yard-model apartment local community is in North Lauderdale.
