via The Real Deal by Sean Stewart-Muniz
Ram Realty Services just closed on a $15.75 million land deal in Boynton Beach, where the firm is planning a new Class A apartment community.
The deal covers roughly 14.4 acres of development turf to the east of Renaissance Commons Boulevard, between Old Boynton Road and East Gateway Boulevard.
Ram now plans to build seven four-story buildings on the site with a combined 350 luxury apartments, according to a news release.
Construction on the gated community is expected to begin in May with a completion date slated for spring 2017. Its amenities will include a clubhouse, fitness center, business center, outdoor kitchen, children’s playground and a community pool.
“This is a rare opportunity to acquire a true ‘shovel ready’ parcel in a suburban infill location,” Ram’s Managing Director of Multifamily Development Hugo Pacanins said in a statement. “This project is part of our continued effort to create high quality apartment communities in locations that are walkable or near public transit.”
The seller was BR Cortina Acquisition, a Florida company managed by investment manager Blackrock.
According to the release, BR Cortina bought a large assemblage of land over time — including this site — and repositioned them for new development to “mirror today’s market needs.”
Troy Ballard, Avery Klann and Dick Donnellan of ARA Newmark brokered the deal on behalf of Blackrock and Waypoint.
Ram’s apartment project will be part of the larger Cortina at Boynton Village mixed-use development, which city officials approved last year with 1,108 residences, according to the Palm Beach Post. That breaks down to 350 apartments, 115 single-family homes and 643 condos, plus a public park that’s being funded by the developers.