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Related, Rockpoint sell Lantana apartment complex for $138M
Buyer, New York-based Praedium, paid $397K per apartment
From left: Praedium Founding Principal Russell Appel, Related Group’s Jorge Pérez, and Rockpoint co-founder Keith Gelb along with Manor Lantana at 861 Water Tower Way in Lantana (Getty, Praedium, Rockpoint, Related Group, Manor Lantana)
Related Group and Rockpoint sold a four-building apartment complex in Lantana for $138 million.
An affiliate of New York-based Praedium Group bought Manor Lantana, the 348-unit rental community at 861 Water Tower Way, records and Vizzda show. Praedium paid roughly $396,550 per apartment, and obtained a $75.9 million mortgage from Northwest Mutual Life Insurance.
In 2018, Related and Rockpoint paid $14.8 million for a 16-acre development site in the 72-acre Water Tower Common mixed-use project. Related is the Coconut Grove-based real estate development firm led by Jorge Pérez and his sons, Jon Paul and Nick. Rockpoint is a Boston-based real estate private equity firm led by co-founder Keith Gelb.
The joint venture completed Manor Lantana last year, records show. It features studios, one-, two- and three-bedroom apartments with rents ranging from $2,083 to $4,267 a month, according to Apartments.com. The average unit size is 1,164 square feet.
Praedium, led by founding principal Russell Appel, is a real estate firm founded in 1991. Since then, Praedium has invested more than $12 billion in real estate across the country, according to the firm’s website.
In 2015, Praedium sold Riverwalk Center, a five-story office building in Jupiter for $12 million.
Related Group is among the most active developers in South Florida. This month, the firm and its partner, Lndmrk Development, led by Alex Karakhanian, acquired a 0.4-acre development site in Miami’s Edgewater neighborhood for just over $12 million. The joint venture has not unveiled plans, but the assemblage is zoned for roughly 60 units in a building of up to 36 stories.
Related and another development partner, Aventura-based BH Group, also recently bought a 3.7-acre development site in Pompano Beach for $48 million. The waterfront assemblage has city approvals for a 24-story condominium with 77 units, and a 303-key hotel with 49 condo-hotel rooms. Related and BH are also co-developing several other projects in Miami-Dade and Broward counties.