APARTMENT COMPLEXES SELL FOR $96.4M

Palm Beach County apartment complexes remain in high demand, as evidenced by two recent sales totaling nearly $100 million.

The 264-unit IMT Florida Club west of Boynton Beach just sold for $54.5 million, according to property records.

The complex, built in 2000, is at the southeast corner of Florida’s Turnpike and Boynton Beach Boulevard. Rents range from $1,290 to $1,825, according to Apartments.com.

The seller was IMT Capital III Florida Club LLC of Sherman Oaks, California. The new owner is Venture Center FL Partners of Atlanta.

In another deal, High Ridge Landing in Boynton Beach just sold for $41.9 million, according to property records.

The 184-unit complex was built in 2016. Rents range from $1,610 to $1,859, according to Apartments.com.

The seller was High Ridge Housing LLC of Boynton Beach. The buyer is High Ridge Landing LP of Tampa.

In recent months, investors have spent hundreds of millions of dollars on Palm Beach County apartment complexes. Investors are drawn by a combination of trends, including Americans’ shift away from homeownership and Palm Beach County’s strong job market — not to mention the bells and whistles offered by the shiny new generation of rental units.

These apartments no longer are characterized by noisy neighbors and coin-operated washing machines.

The new breed of rentals come with soundproof walls, highend appliances and luxurious health facilities.

Since the Great Recession, Palm Beach County property developers have been cautious

about breaking ground on offices, retail space, condos and houses. But they’ve been far more eager to build rental residences.

Hundreds of new apartments are under construction in downtown Boca Raton and in downtown West Palm Beach, including 290 units at the Park-Line project next to the Brightline train station, 210 units at The Alexander and 315 apartments at Broadstone City Center. And just north of downtown, the 100-unit 312 Northwood is open to tenants.