American Equity Investment, SteepRock Lend $46.2Mln for Fla. Apartments

CRE Direct
August 14, 2023
By Orest Mandzy

American Equity Investment Life Insurance Co. and SteepRock Capital have provided $46.2 million of financing for the development of Avery Lake Worth, a 200-unit apartment property in Lake Worth Beach, Fla., just south of West Palm Beach.

The property is being developed by Meyers Accesso, a recently formed venture between South Florida apartment developer Meyers Group and Accesso Partners, a Hallandale Beach, Fla., investment manager. It would be the second developed by the venture, which pursues opportunities in the southeast, southwest and central portions of Florida that have had healthy employment growth. Its first development was Avery Dania Pointe, with 264 units at 121 North Compass Way, within the 102-acre Dania Pointe mixed-use complex in Dania Beach, Fla., near the Fort Lauderdale/Hollywood International Airport.

The Avery Lake Worth property is being developed at 3300 Boutwell Road, near Interstate 95 and north of the Palm Beach County Park/Lantana Airport. The property, 30 minutes from downtown West Palm Beach and Boca Raton, Fla., will be comprised of two buildings with a swimming pool, dog park, picnic area clubhouse with demonstration kitchen, bar, fitness center with free weights and yoga studio, coworking spaces and game room. Units will have one or two bedrooms each, balconies, keyless entry, and washers and dryers.

American Equity, of West Des Moines, Iowa, funded a $38.23 million piece of the financing, according to Broward County records, while SteepRock, a Greenwich, Conn., investment manager with $782 million of assets that pursues debt and equity real estate strategies, provided the remaining debt.

“There is significant demand for rental housing that provides an elevated living experience and access to the best that the area has to offer,” explained Ariel Bentata, co-chairman and co-chief executive of Meyers Accesso.