Wachovia Bank NA, which financed Tarragon Realty Investors' most recent condominium conversion project in South Florida, also provided financing for the acquisition of Tuscany on the Intracoastal.

The four-story property, located at 2300 S. Federal Highway, offers one- to three-bedroom apartments. The gated-entry development offers Intracoastal Waterway and nature preserve views, numerous recreational opportunities and an 11,000-sf Mediterranean-style clubhouse. Other features include Mediterranean gardens, cascading fountains, barbecue areas, attached garages and covered parking decks, a lighted tennis court, elevators and exterior storage.

"By virtue of its location, quality of construction, water views and apartment sizes, Tuscany on the Intracoastal offers resort-style living and the potential for luxury home ownership," William Friedman, president of Tarragon Realty Investors, said in a statement.

"Whether the property's future lies in condominium conversion or continued luxury rental, its unique location in resurgent Boynton Beach makes this a unique addition to our South Florida portfolio," Friedman said. "With acquisition financing costing less than 4%, this purchase works either way for Tarragon and gives us the flexibility to respond to future market conditions as they develop."

Richard Schaffer, managing director of acquisitions for Tarragon Realty Investors, originated the transaction. Ron Prunesti, vice president of Wachovia, represented the bank out of its New York office.

Tarragon Realty Investors, based in New York, is a publicly traded real estate investor and developer of for-sale housing and rental communities. The company controls about 16,000 apartments and 1.5 million sf of commercial space with a total value of more than $1 billion. The company' properties are concentrated in Florida, Connecticut and Texas. Tarragon focuses on creating and realizing value for the company's stockholders by developing, renovating, operating and selling real estate.

Altman Development develops, finances and builds luxury multifamily properties.

Instant Insights /

Tarragon Realty Buys New Boynton Beach Apartment Community for $45.5M

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