A 184-unit apartment complex in Boynton Beach, Fla., has sold for $71 million, a price that eclipses its previous sale in 2018 by 69 percent.

Yuksel BB LLC of West Palm Beach is the new owner of High Ridge Landing at 3609 High Ridge Way, according to a deed recorded Friday. The seller was High Ridge Landing, an affiliate of American Landmark of Tampa.

The new owner took a $37.5 million mortgage from Western-Southern Life Assurance Company of Cincinnati, according to public records.

The price equates to $358,867 per unit. High Ridge Landing was completed in 2016 and sold in 2018 for $41.9 million. The complex is garden style walk up with pool and a fitness center. Rental rates at the property range from $1,885 a month for one-bedroom apartments to $2,855 a month for three-bedroom units, according to Apartments.com.

The sale reflects both a surge in rental rates in South Florida and an explosion of investor interest in multifamily properties. While the flurry of apartment deals has slowed somewhat in recent months, big-name investors have continued to snap up properties.

In late 2021, for instance, Starwood Capital Group of Miami Beach paid $176.4 million for 740 apartments spread across three communities in Palm Beach County. In the largest of those three deals, Starwood bought San Marco Villas, a 400-unit complex at 301 North Congress Avenue and 303 North Congress Avenue in Lake Park, for $86 million.

Credits: Jeff Ostrowski, Commercial Observer