El-Ad National Properties sold the Savannah Place apartments west of Boca Raton for $31.1 million, roughly $5 million less than its purchase price 15 years ago.
Records show King of Prussia, Pennsylvania-based Morgan Properties, through affiliate Savannah Place (M-O) Owner, bought the garden-style community from El-Ad National’s affiliate El-Ad Savannah Place.
The 191-unit apartment complex with a pool and tennis court spans 10.5 acres at 22356 Calibre Court. Built in 1988, it totals 177,931 square feet, property records show.
The deal breaks down to $162,738 per unit.
Morgan Properties, founded and led by Mitch Morgan, is a family owned and operated firm that also manages multifamily communities, according to its website. In addition to the recent purchase, it owns nine Florida apartment complexes, including three in Palm Beach County.
Boca Raton-based El-Ad National is a multifamily division of New York’s El Ad Group, founded in 2004 with the goal of expanding El Ad Group’s portfolio across the Southeast. El Ad Group is led by Israeli billionaire Yitzhak Tshuva, and is part of his Tshuva Group of Companies. It has significant real estate holdings that include New York’s The Plaza Hotel.
Records show El-Ad National purchased Savannah Place in December 2005 for $36.3 million from Mi Casa Limited, an affiliate of Boca Raton-based Pebb Enterprises.
Overall, El-Ad National, led by Noam Ziv, has amassed a portfolio of 40 apartment communities in the Southeast, totaling 12,000 units, according to its website.
In downtown Boca Raton, El-Ad National is completing the Alina Residences condominium project, and launched sales in August 2018.
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Boca Raton and surrounding areas recently have experienced a surge in investment sales activity. TJAC Development in late February disposed of four mixed-use office and retail buildings along Powerline Road west of Boca Raton for $155 million, marking one of the largest commercial real estate deals this year.
In January, CA Ventures bought a student housing complex in downtown Boca Raton for $80 million, and, in November, Bell Partners bought two multifamily complexes for $94 million.