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rand Peaks, a Denver-based company, acquired The Seven at West Boca, a 448-unit apartment complex near Boca Raton, for $90.9 million. This purchase price represents a slight discount from the property's sale price five years ago, when it was sold to American Landmark Apartments for $91.5 million. Grand Peaks assumed a $62.3 million balance on a Freddie Mac loan from the seller.

    The complex, located at 10235 Boca Entrada Boulevard in unincorporated Palm Beach County, consists of six three-story buildings completed in 1988 on a 35.7-acre site. It offers one-bedroom to three-bedroom apartments with monthly rents ranging from $2,050 to $3,255.

    American Landmark Apartments, led by CEO Joe Lubeck, has been an active player in South Florida's multifamily market. The company has a portfolio of about 32,000 units across the Southeast U.S. and plans a 470-unit apartment project with retail space in Cutler Bay.

    Grand Peaks, founded by the Simpson family in 2003, has a multifamily portfolio spanning 41 properties, including 13 in Florida. In 2021, Grand Peaks paid $63 million for the 264-unit Cascades at the Hammocks apartment complex in Miami-Dade County's West Kendall.

    South Florida's multifamily market experienced a boom from late 2020 to early last year due to an influx of out-of-state residents. However, elevated interest rates and other factors have slowed deal activity this year, leading to some discounted sales.