The Dermot Company has sold The Seabourn, a 456-unit luxury townhome and apartment community in Boynton Beach, Fla., to IMT Capital, a Southern California-based owner and operator of multifamily communities nationwide.
The financial terms were not disclosed; however, South Florida Business Journal, reported the sales price to be approximately $184 million.
This marks a key milestone in Dermot’s strategy in Florida, bringing the investment full cycle after more than four years of ownership and driving value through strategic upgrades, according to Drew Spitler, CFO, principal and partner at The Dermot Co.
“The Seabourn was the first property Dermot acquired in Florida as part of our ongoing Southeast expansion, building on a 30-year track record in multifamily investment and management, including an extensive portfolio of high
