Joe Lubeck Of American Landmark Apartments Acquires 214-Unit Savona Grand From Timothy J. Wallen For $64.8M

The transaction involves the acquisition of a multifamily asset located at 7135, 7132, 7090, 7045 Colony Club Drive & 7144 South Military Trail in Lake Worth Beach, FL. The property encompasses 25.2 acres and contains a total of 214 units. It was sold for $64,800,000, translating to a price per unit of $302,804 and a price per square foot of $219. The total square footage of the asset is 296,278.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $64,800,000
• Buyer: Joe Lubeck - American Landmark Apartments
• Seller: Timothy J. Wallen - MLG Capital
• Lender: Berkeley Point Capital
• Units: 214
• Acres: 25.2
• Square Footage: 296,278
• PPU: $302,804
• PPSF: $219

Joe Lubeck represents American Landmark Apartments in the deal, purchasing the asset from MLG Capital, represented by Timothy J. Wallen. The financing for the acquisition involved a five-year Freddie Mac mortgage of $45.36 million obtained from Berkeley Point Capital, which operates as Newmark.