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

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.