Batmasians buy Deerfield Beach apartment complex for $ 46 million

James and Marta Batmasian’s investment firm bought an apartment complex in Deerfield Beach for $ 46 million.

Their company, Investments Limited, purchased the 212-unit lakes in Deerfield at 1100 South Military Trail from GFI Capital Resources Group, according to a press release from the brokers involved. The deal breaks down at $ 216,981 per unit.

Tal Frydman and Newmark’s Hampton Beebe negotiated the deal.

The garden-style resort, built in the mid-1990s, spans 14 acres, according to property records.

The property, which totals over 206,720 square feet, has a 24-hour gym, swimming pool, spa, business center, clubhouse with lounge and kitchen, tennis courts, a beach volleyball court and a treatment station, according to the release. Units have hardwood floors, walk-in closets, and breakfast bars in the kitchens.

New York-based GFI Capital Resources purchased the complex for $ 33.75 million in 2016.

GFI, headed by Allen Gross, is a finance, sales, insurance development and property management company, according to its website. Founded in 1983, GFI focuses on mixed-use, multi-family, office and retail hotels, as well as hotels through its subsidiary GFI Hospitality.

James and Marta Batmasian, who are married, are among Boca Raton’s largest real estate owners, as they began buying real estate shortly after moving to the city in 1983, according to the Investments Limited website. The company, with offices in Boca Raton and Cambridge, Massachusetts, has properties across Florida as well as in Massachusetts and Rhode Island.

Aside from his prolific commercial real estate projects, James Batmasian has also been embroiled in controversy.

Batmasian served eight months in jail in 2008 for failing to pay payroll taxes to the IRS linked to Investments Limited. He was one of several people pardoned last December by former President Donald Trump.

The White House statement at the time of the pardon partly indicated that Batmasian had paid the IRS back in full what he owed and made no attempt to hide payments when confronted with the federal agency. Batmasian at the time expressed his gratitude to Trump.

In another Batmasian-related controversy, former Boca Raton mayor Susan Haynie pleaded guilty in April to failing to disclose financial ties to Batmasian and his wife while in office. She was accused of casting votes which in part increased the value of Batmasian properties. His lawyer told the Palm Beach Post that his vote “was never a buy or sell.”