{"id":2153,"date":"2016-04-15T13:48:00","date_gmt":"2016-04-15T18:48:00","guid":{"rendered":"https:\/\/bayshoreinv.com\/?p=2153"},"modified":"2022-09-08T02:02:48","modified_gmt":"2022-09-08T02:02:48","slug":"investors-pay-24m-for-new-apartment-complex-in-lantana","status":"publish","type":"post","link":"https:\/\/entusiasmototal.com\/bayshore\/2016\/04\/15\/investors-pay-24m-for-new-apartment-complex-in-lantana\/","title":{"rendered":"Investors pay $24M for new apartment complex in Lantana"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Price breaks down to $222,222 per unit<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>UPDATE April 15 1:48 P.M.:&nbsp;<\/strong>Miami investors just put down $24 million for a two-year-old apartment complex in Lantana, a coastal town in Palm Beach County just north of Manalapan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The deal includes Bridgewater at Lake Osborne, a a 9.6-acre apartment community with 108 units at 2282 Lantana Road. County records show it was built two years ago by a partnership between multifamily builder Eastwind Development and the Index Investment Group.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/therealdeal.com\/miami\/2015\/02\/27\/photos-on-the-scene-at-riverwalk-pointes-grand-opening\/\" target=\"_blank\" rel=\"noreferrer noopener\">Eastwind<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/therealdeal.com\/miami\/2015\/01\/16\/joint-venture-acquires-florida-keys-country-club\/\" target=\"_blank\" rel=\"noreferrer noopener\">Index<\/a>&nbsp;paid $2.75 million for the acreage where they built Bridgewater in 2012. Now, the partnership has sold the community for $222,222 per unit to a a Delaware limited liability company managed by Jared Brunnabend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This isn\u2019t the first community Eastwind and Index have partnered on: the two built Dakota at Abacoa, a 190-unit complex in Jupiter,&nbsp;<a href=\"https:\/\/therealdeal.com\/miami\/2016\/02\/22\/priderock-closes-on-new-jupiter-apartments-42m\/\" target=\"_blank\" rel=\"noreferrer noopener\">which they sold in February<\/a>&nbsp;to Priderock Capital Partners for $42 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ARA Newmark\u2019s&nbsp;&nbsp;Hampton Beebe, Avery Klann, Jonathan Senn,&nbsp;Dick Donnellan and Marc&nbsp;deBaptiste brokered both sales on behalf of the developer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Brunnabend is the principal of Bayshore Investment Partners, a real estate company that looks to buy apartment communities with a minimum of 100 units throughout Florida, according to his LinkedIn page. The firm currently owns seven communities for a total of 900 units.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Brunnabend\u2019s company financed its purchase of Bridgewater with a $17.5 million loan from The PrivateBank\u2019s Atlanta office.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some of Bridgewater\u2019s amenities include a community pool, waterfront pavilion and even its own boat ramp into Lake Osborne. Rents at the complex start $1,579 for a two-bedroom, two-bathroom unit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Price breaks down to $222,222 per unit UPDATE April 15 1:48 P.M.:&nbsp;Miami investors just put down $24 million for a two-year-old apartment complex in Lantana, a coastal town in Palm Beach County just north of Manalapan. The deal includes Bridgewater at Lake Osborne, a a 9.6-acre apartment community with 108 units at 2282 Lantana Road. 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