BOYNTON BEACH, FL-Boca Raton-based Altman Development has acquired Peninsula on the Intracoastal, a multifamily community in Boynton Beach, out of foreclosure for $8.3 million. The non-fractured community includes 50 units and room to build 20 townhome sites.

The Florida Division of Atlanta-based ARA, an investment advisory brokerage firm that focuses exclusively on the multihousing industry, represented PNC Bank. ARA Florida’s Boca Raton-based team of Hampton Beebe, Avery Klann and Marc deBaptiste brokered the deal. The original developer, Deerfield Beach-based Waterbrook Peninsula LLC, defaulted on a $26.1 million loan.

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?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.