Acquisition of Two Property Apartment Portfolio in South East Florida
September 5, 2018
Legacy Capital Partners invested $17 million in the acquisition and renovation of a two property apartment portfolio consisting of a 240 unit apartment community located in Dania Beach, Florida and a 184 unit apartment community located in Boynton Beach, Florida. The total project costs (including funds needed to complete the renovation) were $105.8 million. The assets were purchased with two fixed rate loans totaling $63.3 million. Both loans have a 10-year term with interest only for the first five years. The total equity requirement was $42.5 million.