The Real Deal Miami

Texas REIT borrows $86.5M for Boca apartments

Monogram Residential Trust paid $82M for property in September

October 21, 2015 09:45AM
By Katherine Kallergis

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The Mark at Cityscape, in Boca Raton

The Mark at Cityscape in Boca Raton

The new owners of a recently completed apartment community in downtown Boca Raton have closed on a nearly $86.5 million mortgage for the property. 

Monogram Residential Trust, a Plano, Texas-based real estate investment trust, acquired the Mark at Cityscape for $81.74 million in September. The 12-story, 208-unit development features 18,000 square feet of retail space on the ground floor and an attached 686-space parking garage. Palm Beach Gardens-based Ram Realty Services sold the 2.3-acre property last month.

Monogram, which specializes in buying and managing multifamily properties across the United States, closed on the loan on Oct. 16, according to Palm Beach County records. Keybank National Association is the lender.

Asking rents at the building are also some of the highest in Palm Beach County, averaging $2,320 per unit. At the time of the sale, Ram said the apartments were nearly 80 percent leased.

The Mark is part of a 4.5-acre development site in the heart of downtown Boca Raton. It’s split into three parts: a roughly 1-acre parcel where the Kolter Group is building a Hyatt-branded hotel, another 1-acre parcel where the Palmetto Park office building sits, and the Mark apartments.