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valonBay Communities has recently acquired a multifamily development site in Lake Worth Beach, which is adjacent to an existing retail component anchored by a Publix store. The Virginia-based real estate investment trust (REIT) plans to build Northlake Promenade Apartments on a nine-acre plot of land purchased for $16.5 million. The property was previously owned by an affiliate of Boca Raton-based Woolbright Development, who bought the vacant land and retail plaza for $9.2 million in 2016.
The city of Lake Worth Beach has approved a site plan for the AvalonBay project, which will feature a seven-story building with 279 apartments and 448 parking spaces designed by Orlando-based Baker Barrios Architects. The project's design was influenced by the surrounding area's architectural style and will include amenities such as a rooftop pool and fitness center.
AvalonBay is led by CEO Benjamin Schall and owns 299 apartment communities with 90,673 units across 12 states and Washington D.C., according to its website. The company has been active in California and Colorado recently, having paid $95 million for a 306-unit apartment complex in Denver and breaking ground on a five-building complex with 305 units near San Francisco.
In South Florida, between 2021 and 2022, AvalonBay was among the institutional investors who purchased multifamily projects at top dollar. In 2022, the firm paid $295 million for two complexes in Miramar with a combined 650 apartments. The previous year, AvalonBay dropped $133 million for another Miramar apartment complex.
Other developers are also showing interest in Lake Worth Beach, including Atlanta-based PulteGroup. In April, the firm acquired 36.5 acres in the city for $22 million to build Antica, a residential community of 108 single-family homes. Last year, PulteGroup also purchased 27 acres near Lake Worth Beach for $21.1 million where the homebuilder is planning Everton, a project comprising 210 townhomes.
