Thursday, March 1, 2012

Advenir Acquires Class A Apartment Community in South Florida


LAKE WORTH, FL– Advenir, a premier provider of multi-family real estate investment and management services, has acquired Advenir at Boynton (formerly Colony Club) (top left photo), a 214-unit Class A apartment community located at 7132 Colony Club Drive in the Boynton Beach submarket of Palm Beach County, Florida for $26.65 million. 

“We were attracted to Advenir at Boynton because of the management upside, significant value to replacement cost, strong market fundamentals and lack of new construction,” said Todd Linden (middle right photo), Chief Acquisition Officer of Advenir. 

“Advenir is actively looking to acquire stabilized income producing multi-family assets in markets that have exhibited, and are projecting, healthy economies, positive employment growth, and in-migration.”

Linden went on to say that Advenir will implement a capital improvement program for this property focused on beautifying the exterior of the buildings and upgrading the community amenities.    

Built in 2005, Advenir at Boynton offers a for-sale feel with luxurious interiors including full size washer/dryers, ceiling fans, nine-foot ceilings, ceramic tile flooring, walk-in closets, Internet access, intrusion alarms, balconies/patios with hurricane shutters, windows with impact glass, gourmet kitchens with Whirlpool appliances, microwaves and direct-access one- and two-car garages. 

 Community amenities include automated gate access, clubhouse, pool with spa, fitness center, tot lot, two tennis courts, basketball court, sauna, locker rooms, picnic areas with BBQ, gazebo, extra storage, and onsite large lake creating beautiful waterfront views. 

Advenir at Boynton is 84 percent leased while the market is at 94 percent leased.  The community features 34 one bedroom/one bathroom units, 118 two bedroom/two bathroom units and 62 three bedroom/two bathroom units.  Currently, rents average $1,000-$1,600 per month.

 Advenir represented itself in the transaction.  Avery Klann (lower right photo) and Hampton Beebe (lower left photo) of Apartment Realty Advisors represented the seller, New York-based Holiday Organization.

 Additional Company information is available at www.advenir.net.

Contact:      

David Ebeling
Ebeling Communications
(949) 278-7851

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