A partnership between Houston-based Morgan Group and Boston-based Rockpoint Group just bought a residential development site in Boynton Beach for $19.52 million, as part of larger push to bring luxury multifamily development to the area.
BlackRock sold the 18.5-acre residential development site on Renaissance Commons Boulevard for $1.05 million per acre, property records show.
Morgan Group and Rockpoint plan to develop 378 luxury apartments and 55 townhomes within seven, four-story buildings and 11, two-story townhome buildings with garages, according to a release.
ARA Newmark’s vice chairmen Avery Klann and Hampton Beebe, and director Jonathan Senn represented the seller.
The property is part of the Boynton Village and Town Center’s master plan. The master plan development includes two other multifamily projects – The District Boynton and Alta at Cortina – along with an existing retail center anchored by Target, Total Wine & More, and Best Buy.
Morgan is a privately held national developer and manager of Class A multifamily properties.
Rockpoint Group, a real estate private equity firm, has raised about $19 billion in capital commitments and invested or committed to invest in 408 transactions, according to a release. In June, Rockpoint and the Related Group announced they were partnering on a new division within Related focused on acquiring value-add multifamily properties in Florida and throughout the Sun Belt.