JV ACQUIRES DISTRESSED SOUTH FLORIDA MULTIFAMILY PROPERTY

BOYNTON BEACH, FLA. — A joint venture between Miami-based Integra Solutions and Boca Raton, Fla.-based The Altman Companies has acquired Peninsula on the Intracoastal, a distressed, non-fractured residential community located in Boynton Beach, for $8.3 million. Situated at 2649 N. Federal Highway, the unfinished property currently contains a five-story, 40-unit structure with waterfront views, 10 unfinished townhomes, a heated pool and spa, a private clubhouse and marina access to the Intracoastal Waterway. The infrastructure is in place to build 20 additional townhomes. Hampton Beebe, Avery Klann and Marc deBaptiste of the Boca Raton office of Apartment Realty Advisors arranged the deal. The buyer plans to operate the property as a luxury rental community in the near term.