Beztak and Wexford Real Estate Investors plan an apartment project on a Boca Raton site they purchased for $12.7 million.
The joint venture will develop the eight-story, 277-unit Bocora multifamily community on a 4.1-acre site within the Amtec Center, according to a news release.
The business park is roughly on the southwest corner of Congress Avenue and Clint Moore Road.
The selling entities tie to a Jupiter organization called Catexor, which is led by Stig and Britt Wennerstrom, state corporate records show.
Construction of Bocora is expected to start in late summer 2022, according to the release.
The 282,850-square-foot project will offer one- to three-bedroom apartments with large windows and terraces overlooking two expansive courtyards. Units also will have stainless steel appliances and high-end finishes.
Amenities are planned to include a pool with a sundeck and cabanas, an outdoor kitchen and private party areas, a gym, on-site dog park and grooming area and a cyber café, according to the release. A six-story garage is also planned.
Farmington Hills, Michigan-based Beztak, led by Sam Beznos, develops, invests and manages residential communities, including senior living, as well as commercial and industrial real estate, according to the release. West Palm Beach-based Wexford spun off from Wexford Capital last year as its own real estate firm. Previously, it was Wexford Capital’s private market real estate investing arm. Wexford focuses on apartment, condominium and hospitality opportunities in the Sun Belt, investing more than $650 million in equity since 2010, according to the release. It is led by Joseph Jacobs and Philip Braunstein.
This is the sixth Beztak-Wexford joint venture. The duo is opting to build multifamily projects at a time when the market is robust because of high demand. This has fueled rent increases, investment activity and new projects.
South Florida’s biggest apartment sale of the year was in Boca Raton. Cortland paid $230 million for a newly built, seven-building community in August.
In Boynton Beach, Affiliated Development plans a 236-unit apartment project, with 118 of the units planned as workforce housing designated for renters who earn from 60 percent to 120 percent of the area median income.