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3501 Federal Highway

IMT Capital Acquires Seabourn Apartments And Vacant Lot In Boynton Beach For $183.5M
SOLDMultiFamily

IMT Capital Acquires Seabourn Apartments And Vacant Lot In Boynton Beach For $183.5M

3501 Federal Highway & 3456 North Old Dixie Highway

$183,500,000

Building Size

Asset Type

MultiFamily

Closing

Nov 19, 2025

AI

A 456-unit multifamily complex and an adjacent vacant lot in Boynton Beach, covering 24.38 acres, were sold for $183.5 million. The property, located at 3501 & 3373 North Federal Highway and 3456 Old Dixie Highway, is now known as IMT Gulfstream. The transaction shows a notable increase in value from its sale in 2021.

Summary of transaction details:

  • Property Type: Multifamily & Land
  • Transaction Amount: $183,500,000
  • Buyer: Michael Browne, John Tesoriero, Bryan Scher & Cory Thabit - IMT Capital
  • Seller: Stephen Benjamin - Dermot Company
  • Lender: Walker & Dunlop
  • Loan Amount: $119,280,000 Fannie Mae–backed loan
  • Market: Boynton Beach

The deal was facilitated by the involvement of Michael Browne, John Tesoriero, Bryan Scher, and Cory Thabit, representing IMT Capital as the buyers. Stephen Benjamin acted as the seller through the Dermot Company, indicating a change in ownership for the significant asset in the South Florida market.

Players

IC
IMT CapitalBuyer

Stephen D Benjamin

Dermot Company

Seller

$937.8M

vol

8 deals

Seller
DC
Dermot CompanySeller

Delray Beach MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.09%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93