American Landmark Apartments has acquired the Savona Grand apartment complex in Lake Worth for $64.8 million, marking one of South Florida’s largest recorded commercial real estate transactions in early August. The 214-unit property was sold by affiliates of Wisconsin-based MLG Legacy Fund Investments and has appreciated significantly since its previous sale in 2019.
Key takeaways
- American Landmark is the buyer of the 13-acre Savona Grand complex.
- The transaction was valued at $64.8 million, commonly rounded to $65 million.
- The property includes 214 apartments across five buildings.
- Savona Grand last traded for $47.8 million in 2019.
Details of the Lake Worth acquisition
The property is located at 7132 Colony Club Drive in Lake Worth. Its five residential buildings contain approximately 296,300 square feet of space across the 13-acre site.
The buyer was identified as a company connected to Tampa-based American Landmark Apartments, an operator and investor focused on multifamily housing. The seller was made up of affiliates of MLG Legacy Fund Investments, based in Wisconsin.
Significant increase since 2019
Savona Grand’s latest sale price represents a substantial increase over its 2019 transaction value of $47.8 million. The roughly $17 million difference reflects the property’s changed valuation over seven years, although the available transaction details do not specify how much of the increase came from renovations, operating performance, market conditions or broader multifamily pricing trends.
At the latest price, the deal equates to approximately $302,800 per apartment, based on the complex’s 214 units. That figure provides a basic measure of the transaction’s scale but does not account for differences in unit mix, rents, amenities or property condition.
Part of an active South Florida investment market
The Savona Grand purchase was the largest commercial transaction recorded in the region’s reported early-August deal activity. Other notable transactions included Starwood Property Trust’s $63.8 million purchase of two multifamily properties in Miami-Dade County.
Those properties included the 92-unit Magnolia Landing Apartments in the southern part of the county and the 160-unit Lafayette Square Apartments in Miami. Together, the transactions highlight continued investor interest in South Florida rental housing, even as buyers weigh financing costs, operating expenses and property-level performance.
A separate Fort Lauderdale transaction involved the sale of the Stoler Honda dealership for $44.8 million, underscoring the breadth of commercial activity beyond apartments.
What the deal signals for Lake Worth
American Landmark’s acquisition adds a large multifamily asset to its South Florida portfolio and places Savona Grand under a new ownership group with experience in apartment operations. For Lake Worth, the transaction reinforces the area’s appeal to institutional and regional investors seeking established rental communities with substantial unit counts and acreage.
The deal also illustrates how apartment properties remain central to South Florida’s commercial market, where demand for housing continues to support investor attention despite a more selective transaction environment.
- South Florida Top Real Estate Deals: August 7, 2026, The Real Deal.