Tampa-based American Landmark Apartments has quietly beefed up its South Florida footprint, scooping up the 214-unit Savona Grand community tucked between Boynton Beach and Lake Worth Beach. The garden-style complex spans roughly 13 acres at 7132 Colony Club Drive and offers one-, two- and three-bedroom apartments. Company officials say capital upgrades are on the way, signaling that residents should expect a fresh round of renovations.
Deal details and holdings
As reported by The Real Deal, American Landmark bought Savona Grand at 7132 Colony Club Drive but did not disclose what it paid. The outlet notes that the acquisition brings the firm's Florida holdings to 21 communities and bumps its South Florida portfolio to four properties, tightening the landlord's grip on the region's busy rental market.
Previous owner and the 2019 sale
Before the latest trade, Greystar held the keys to Savona Grand. The company confirmed in a Greystar press release that it sold the property in 2019 to entities tied to Southstar Capital Group. During its ownership run, Greystar said it completed capital improvements at the community, setting the stage for the new owner to layer on additional upgrades.
Property profile and amenities
Market records and industry reports describe Savona Grand as a roughly 13-acre, 296,000-square-foot garden-style community with 214 units, and show the 2019 sale price at about $47.8 million, according to Multi-Housing News. The Savona Grand leasing site touts resort-style amenities, including a pool and sundeck, fitness center, clubhouse, basketball and tennis courts, a pickleball court, a dog park and gated entry. The same page lists American Landmark as the property manager.
Rents and what upgrades could mean
Rents in the area are not exactly bargain-bin. One-bedrooms in the Boynton Beach submarket average about $2,007 a month, two-bedrooms roughly $2,326 and three-bedrooms around $2,730, according to Apartments.com. In a statement quoted by The Real Deal, American Landmark chief investment officer Elizabeth Roy said, "Palm Beach County continues to attract residents and employers at a pace few markets can match, yet new supply remains constrained."
The Savona Grand leasing site already shows American Landmark as manager, and recent listings for on-site roles, including a community manager, have popped up in a TealHQ job posting, suggesting an operational handoff is in motion. American Landmark describes itself as a Sun Belt-focused owner-operator based in Tampa that leans heavily on value-add renovations as a core strategy, and the firm has again kept the purchase price under wraps.
