X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Chicago entrepreneur Sam Zell’s Equity Residential Properties Trust, the largest publicly owned apartment REIT in the United States, paid Prudential Real Estate Investors $37.4 million or $80,258 per unit for the 11-year-old, 466-unit Savannah Lakes community in Boynton, Beach, FL, 65 miles north of Downtown Miami.

The 11-year-old, 92%-leased property is between the nine million-sf Boca Raton, FL office market and the 7.9-million-sf West Palm Beach office market. The 38 buildings in the complex at 220 Savannah Lake Drive are adjacent to the 600-acre Quantum Corporate Park.

Byron Moger, senior vice president and Richard Donnellan, managing director, Atlantic Realty Partners, Boca Raton, arranged the transaction for Newark, NJ-based Prudential.

In a prepared statement, Donnellan says “the demand for multifamily investment property remains strong throughout Florida.” The broker says interest rates are favorable and investors’ return requirements are narrowing. “We see this dynamic continuing through the end of the year,” Donnellan says.

Zell, celebrated for years throughout the commercial real estate community as a savvy buyer, picked up Savannah Lakes at about replacement cost, area brokers not associated with the transaction tell GlobeSt.com on condition of anonymity.

Equity Residential Properties’ multifamily portfolio is at the 5,000-unit level, according to various reports published recently in the trade newsletters. Zell couldn’t be reached at GlobeSt.com’s publication deadline.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.