The Real Deal Miami

Boca Raton rental community sells for $34M

Buyer took out $27M loan to finance deal

August 12, 2015 10:30AM
By Sean Stewart-Muniz

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The Addison Place Apartments in Palm Beach County

The Addison Place Apartments in Palm Beach County

The Addison Place Apartments, a rental community in Boca Raton that was built in 1989, was just sold for $34 million, Palm Beach County property records show.

The seller was a company headed by executives from Invesco, an investment management firm headquartered in Texas, according to Broward County records. The Invesco affiliate paid $14.5 million to acquire the apartments in 1997, and now the community’s price has more than doubled.

The buyer is JRK Property Holdings, a California-based real estate company that specializes in buying and managing multifamily properties. JRK purchased the apartments through an affiliated LLC named Addison Place Apartments Property Owner. The group financed the deal with a $27.5 million loan. The lender is Berkadia Commercial Mortgage, according to county records.

Addison is composed of single-story and multistory rental buildings spread along Mizner Lane and Mizner Way in unincorporated Palm Beach County. The community is adjacent to the Boca Lago Country Club and the Boca Rio Golf Club.