Investors pay $24M for new apartment complex in Lantana
Price breaks down to $222,222 per unit
April 15, 2016 11:15AMBy Sean Stewart-Muniz
Bridgewater at Lake Osborne
Miami investors just put down $24 million for a two-year-old apartment complex in Lantana, a coastal town in Palm Beach County just north of Manalapan.
The deal includes Bridgewater at Lake Osborne, a a 7.8-acre apartment community with 108 units at 2282 Lantana Road. County records show it was built two years ago by a partnership between multifamily builder Eastwind Development and the Index Investment Group.
Eastwind and Index paid $2.75 million for the acreage where they built Bridgewater in 2012. Now, the partnership has sold the community for $222,222 per unit to a a Delaware limited liability company managed by Jared Brunnabend.
This isn’t the first community Eastwind and Index have partnered on: the two built Dakota at Abacoa, a 190-unit complex in Jupiter, which they sold in February to Priderock Capital Partners for $42 million.
ARA Newmark’s Hampton Beebe, Avery Klann, Jonathan Senn, Dick Donnellan and Marc deBaptiste brokered both sales on behalf of the developer.
Brunnabend is the president of Bayshore Investment Partners, a real estate company that looks to buy apartment communities with a minimum of 100 units throughout southern Florida, according to his LinkedIn page. The firm currently owns seven communities for a total of 900 units.
Brunnabend’s company financed its purchase of Bridgewater with a $17.5 million loan from PrivateBank.
Some of Bridgewater’s amenities include a community pool, waterfront pavilion and even its own boat ramp into Lake Osborne. Rents at the complex start $1,579 for a two-bedroom, two-bathroom unit.
Source: The Real Deal