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 property is located at 499 Boynton Bay Circle , Boynton Beach, Florida with nearby schools including Boynton Beach Community High School and nearby shops. Amenities include a business center, fitness center, on-site laundry facility, playground, swimming pool with hot tub, and tennis court(s).
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 at Boynton Bay. 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.
Darren Smith and Tim Henzy founded Smith & Henzy Affordable Group Inc. in 2014 to expand affordable housing opportunities throughout the United States. Smith & Henzy has extensive affordable housing development and finance experience and has served as owner, developer, and advisor to successfully create or preserve over 6,000 affordable apartments, with total development costs of over $1.6 billion. Smith & Henzy currently has an ownership portfolio of over 1,800 apartments with another 2,200 in development.
From luxury high-rise condominiums to more affordable developments, the Related Group’s distinctive brand of culture, design and lifestyle-infused properties continues to revitalize urban neighborhoods.
