New Yorker buys Jupiter apartment complex for $88M

Miami /
May.May 18, 2016 03:45 PM

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


Related Articles

arrow_forward_ios
Ambrose’s Aasif Bade and a rendering of the warehouse at 15810 Walgreens Drive
Ambrose scores $27M construction loan for warehouse project in Jupiter
Ambrose scores $27M construction loan for warehouse project in Jupiter
550 Bush Road (Google Maps, Getty)
Jupiter OKs Rich Properties’ townhouse project on church site
Jupiter OKs Rich Properties’ townhouse project on church site
Medley Commerce Center in Medley, 15998 Walgreens Dr in Jupiter, 4281 & 4341 W 108th St in Hialeah, 3701 Flamingo Rd, 2601 & 2701 SW 145th Ave in Broward and 11801 NW 102nd Ave in Medley (Google Maps, Getty)
Here are South Florida’s biggest industrial sales of 2022
Here are South Florida’s biggest industrial sales of 2022
Business men queuing for country club
Luxury housing boom leads to waitlists at Palm Beach’s private clubs
Luxury housing boom leads to waitlists at Palm Beach’s private clubs
From top: Walgreens stores at 1800 West Indiantown Road in Jupiter, 3595 Southwest 22nd Street in Miami, and 9921 Okeechobee Boulevard in Boca Raton (Getty, Google Maps, LoopNet)
A trio of Walgreens stores in South Florida sold for a combined $34M
A trio of Walgreens stores in South Florida sold for a combined $34M
Berry Aviation's Sonny Berry with 109 Schooner Lane
Aviation founder Sonny Berry sells waterfront Jupiter home for $11M
Aviation founder Sonny Berry sells waterfront Jupiter home for $11M
The property at 15998 Walgreens Drive near Jupiter with MG3 Group’s Marcelo Saiegh, Gustavo Bogomolni and Hernan Leonoff (CBRE, MG3 Developer)
MG3 drops $78M for Walgreens distribution facility near Jupiter
MG3 drops $78M for Walgreens distribution facility near Jupiter
22 Ocean Drive, Jupiter and German music producer Dirk Ulrich (Google Maps, Plugin Alliance)
Music producer buys flipped oceanfront Jupiter home for $15M
Music producer buys flipped oceanfront Jupiter home for $15M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...