BOYNTON BEACH, FL-Irving, TX-based Archon Group sells Aventine at Boynton Beach to an entity identified as Boynton Pinehurst LLC, and Chicago-based American Invsco Realty is marketing the units as condos. Aventine at Boynton Beach is a 216-unit garden-style complex at 1108 Pinehurst Dr., which was completed in 2002 and is fully leased.

The price tag is undisclosed. On condition of anonymity, a South Florida multifamily sales specialist tells GlobeSt.com the price was "probably north of $200,000 a unit, or in the $45-million range." Less than a year ago, Archon sold the much larger Aventine at Miramar for $145 million to Miami-based Hudson Capital, which is converting the 848-unit complex to for-sale condos.

The Boynton Beach asset consists of nine three-story buildings on about 14.2 acres. Units range in size from one-bedrooms at 822 sf, which rent for $999 a month, to three-bedrooms with 1,3870-sf layouts that rent for $1,479 a month. Avery Klann, SVP, and Marc deBaptiste, principal in the Boca Raton office of Apartment Realty Advisors, represented Archon in the sale and were the sole brokers in the transaction.

"Condo conversion is tapering off," Klann tells GlobeSt.com, "but this is a quality property, and, over the past decade, Boynton Beach has developed into one of the most sought after bedroom communities in southern Palm Beach County."

American Invsco could not be reached by deadline. According to its website, unit pricing for Aventine at Boynton Beach begins at a range of between $233,500 and $254,500 for one-bedroom units. Pricing for two-bedroom units begins at $312,300 and the range of prices for three-bedroom units is from $356,700 a unit to $378,200 a unit.