Smith & Henzy Affordable Group acquired a Boynton Beach senior housing community for $53 million. An affiliate of Related Group was the seller. The Boynton Bay Apartments last traded for $48 million in 2022. The S. Florida Business Journal reports that’s a reflection of the strong demand for affordable housing in Palm Beach County, as the price hikes in market-rate housing have sent many low-income seniors scrambling for income-restricted housing.
Income restrictions apply to some or all residents. A couple has to have income of less than $50,000 a year to qualify for an available unit.
The Housing Finance Authority of Palm Beach County provided the buyer with a $47.35 million mortgage with an 18-year maturity and a $10.65 million mortgage with a 2.5-year maturity.
The Boynton Bay Apartments were built on the 21.4-acre site in 1991. The complex features 18 buildings of two stories each, plus a pool.
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