The Real Deal Miami

Boca apartment complex trades for $75M

Miami investor makes second pricey multifamily purchase in a month
June 25, 2014 12:00PM

Mizner Court

Mizner Court

The Mizner Court apartments in Boca Raton changed hands for about $75 million.

Orlando-based CLP Mizner Court sold the 6503 North Military Trail complex to Miami-based Mizner Court Holdings in a transaction recorded on Monday, according to Palm Beach County records. CLP, which is linked to CNL Financial Group, got the 450-unit community through foreclosure for $18 million in December 2007. The previous owner paid $105 million for the complex in October 2005.

The buyer assumed a $48 million mortgage from New York Life Insurance Co. for the acquisition. Francis Laird is the president of Mizner Court Holdings. Another Laird company paid $80.5 million for the San Marco at Broken Sound apartment complex in Boca earlier this month.

Mizner Court was constructed on nearly 30 acres in 1987. — Eric Kalis