The Real Deal Miami

New Yorker buys Jupiter apartment complex for $88M

Units sold for an average of $250,000

May 18, 2016 03:45PM

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Barcelona Jupiter

Barcelona Jupiter

New York-based developer and property manager Maurice Mann paid $87.6 million for a 352-unit apartment complex in Jupiter.

A company tied to Schaumburg, Illinois-based Crossroads Development Partners sold Barcelona Jupiter to Mann Realty Associates, Mann’s law firm Hackleman, Olive & Judd announced on Wednesday.

Units sold for an average of nearly $250,000, and about 75 of the units are workforce housing. The 25-acre complex at 111 Sierra Drive was developed in 2015 and includes amenities like a basketball court, pool deck, fitness center, yoga studio, dog park, lakeside pavilion, bocce ball and horseshoe courts.

Rents at Barcelona Jupiter range from $1,410 to $2,400, according to the property’s website.

Mann, who used funds from the sale of a New York apartment building, financed the deal with a $56 million loan from MetLife, according to a press release. Old Republic National Title Insurance Company was the title insurance underwriter. Kristy Armada, Nicole Villarroel, Debra Fullen and Keisha Carter of Hackleman, Olive & Judd worked on the transaction, which took about 45 days to close.

The seller, FLF 1030 LLC, is managed by Michael Nortman, principal of Crossroads Development Partners. The firm is a commercial real estate investor, manager and developer, according to its website.

Last year, sales of apartment properties totaled a record $2.8 billion in South Florida as new residents flocked to the area and people continued to shift from homeownership to rentals. More than 10,000 new apartments are expected to come on the market in the tri-county region this year, according to Marcus & Millichap. While the bulk of that will be built in Miami-Dade, 4,700 units are expected in Palm Beach and Broward counties. – Katherine Kallergis