Grand Peaks purchased a 448-unit apartment complex near Boca Raton for $90.9 million; This represents a slight discount from the last sale price five years ago.

Denver-based Grand Peaks purchased The Seven at West Boca at 10235 Boca Entrada Boulevard in Palm Beach County from Tampa-based American Landmark Apartments, according to Vizzda’s records and real estate database. The buyer assumed the $62.3 million balance on the Freddie Mac loan from the seller.

The trade falls to $202,879 per unit.

The Seven at West Boca consists of six three-story buildings on 35.7 acres, completed in 1988, according to Vizzda records. It offers one-bedroom to three-bedroom apartments with monthly rents ranging from $2,050 to $3,255, Apartments.com shows.

The latest purchase price is 0.7 percent lower than the complex’s 2019 sales price. In that case,

American Landmark, led by CEO Joe Lubeck, paid $91.5 million for it, records show.

American Landmark, a multifamily owner-operator, has a portfolio of approximately 32,000 units in the Southeast U.S., according to its website.

The firm is a frequent player in South Florida’s multifamily market. In 2022, American Landmark purchased the 214-unit The Asher complex at 1949 Cove Lake Road in North Lauderdale for $60.5 million and sold the 184-unit High Ridge Landing complex at 3609 High Ridge Way in Boynton Beach for $71 million.

In Cutler Bay, American Landmark is planning a 470-unit apartment project with 14,000 square feet of retail space and a garage on the Ross Dress for Less outparcel at Southland Mall. The project is part of a larger redevelopment of the mall by BH Group, owned by the Toledano family, and Electra America, which Lubeck chairs. The entire project consists of 4,395 apartments and condos, a 150-room hotel, 60,000 square meters of medical office space and 150,000 square meters of retail parcels. The main indoor shopping center will be renovated.

Founded in 2003 by the Simpson family, Grand Peaks has a multifamily portfolio of 41 properties, 13 of which are in Florida, according to its website. It is led by joint CEOs Luke and Nick Simpson.

Grand Peaks paid $63 million in 2021 for the 264-unit Cascades at the Hammocks apartment complex in Miami-Dade County’s West Kendall neighborhood. Grand Peaks sold the 294-unit Art 88 by Trion Living rental complex at 8855 Fontainebleau Boulevard in Miami-Dade’s Fontainebleau neighborhood for $87.3 million in 2022.

South Florida’s multifamily market boomed from late 2020 to early last year due to an influx of out-of-state residents. Unprecedented leasing has led to record rent increases and an investment sales frenzy.

This year, high interest rates, skittish lending and skyrocketing insurance have slowed deal activity and led to some discounted sales. In September, New York-based Abacus Capital Group purchased the 268-unit Marela Apartments at 250 Northwest 130th Avenue in Pembroke Pines for $110 million, a 9 percent discount from the 2021 purchase price.

Additionally, Graham Companies paid $69 million last month for the 448-unit Courtyards at the Miami Lakes complex at 6431 Cow Pen Road in Miami Lakes.