American Landmark Acquires New Multifamily Community in South Florida for $41.9M

BOYNTON BEACH, FLA. — American Landmark has acquired High Ridge Landing, a 184-unit multifamily community in Palm Beach County’s Boynton Beach. The sales price was not disclosed, but the South Florida Business Journal reports High Ridge Housing LLC, an affiliate of Eastwind Development, sold the property for $41.9 million, or $227,717 per unit. Mitch Sinberg, Matt Robbins, Bob Falese, Matt Cullison and Wes Moczul of Berkadia arranged a 10-year Freddie Mac loan on behalf of American Landmark. Built in 2017, High Ridge Landing features a mix of one- to three-bedroom units with stainless steel appliances, granite countertops, walk-in closets, private balconies and detached garages. Community amenities include a yoga and spin studio, swimming pool, electric car charging stations, fitness center and a business center. American Landmark will invest $500,000 in additional upgrades at the property, including improvements to the clubhouse, improving the pool area with a grill space and new furniture, adding a Wi-Fi café, upgrades to the fitness center and landscaping.