The San Marco at Broken Sound apartment complex in Boca Raton changed hands for $80.5 million in Palm Beach County’s most expensive multifamily trade of 2014.
San Marco Holdings of Miami acquired the 336-unit complex at 5501 North Military Trail in a transaction recorded on Wednesday, according to Palm Beach County records. The company obtained a $49 million loan from New York Life Insurance Co. for the purchase. Francis Laird is identified in mortgage documents as the buying company’s president.
Chicago-based TR San Marco sold the 28-acre property. The company shares a mailing address with real estate investment firm Capri Capital Partners. It paid $36 million for the complex in 1993.
San Marco was constructed in 1992.
The transaction is the second-most expensive deal recorded by Palm Beach County this year, behind the $146 million sale of two Worth Avenue retail buildings in the Town of Palm Beach. — Eric Kalis