Billionaire Neil Bluhm‘s, Walton Street Capital acquired Pacifica Boynton Beach, a new multifamily apartment complex, for $92.7 million.
Located at 1100 Audace Avenue in Boynton Beach, Florida., the six-building compound holds 324 units and sits between North Congress Avenue and the C. Stanley Weaver Canal. Monthly rents for one- to three-bedroom apartments range between $1,604 and $2,474, according to Apartments.com.
The seller, Alta Developers, acquired the 10.2-acre parcel for $11.5 million in 2016. Two years later, the firm obtained a $43.1 million development loan from Pacific Western Bank.
Based in Chicago, Walton Street Capital has invested and managed approximately $14 billion of total equity and loan commitments since its founding in 1994. Bluhm, with an approximated net worth of $5.2 billion, holds such marquee Chicago properties as 900 North Michigan and the Ritz-Carlton according to Forbes.