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
Deborah M. Fretz and 5511 River Cove, Jupiter (Douglas Elliman)

Retired oil and energy CEO buys waterfront Jupiter home for $6M

Retired oil and energy CEO buys waterfront Jupiter home for $6M
Rob Thomson (Rob Thomson, Palm Beach County Sheriff's Office, iStock)

Jupiter agent Rob Thomson gets probation for domestic battery against ex-fiancée

Jupiter agent Rob Thomson gets probation for domestic battery against ex-fiancée
377 Eagle Drive in Jupiter (Google Maps)

20/20 vision: MyEyeDr CEO buys waterfront mansion in Jupiter for $11M

20/20 vision: MyEyeDr CEO buys waterfront mansion in Jupiter for $11M
Yadier Molina & 6431 River Pointe Way (Credit: Todd Kirkland/Getty Images, and Google Maps)

Baseball player Yadier Molina sells Jupiter mansion for $8M

Baseball player Yadier Molina sells Jupiter mansion for $8M
Ina Kim-Schaad & 5280 Pennock Point Road (Credit: Google Maps)

Golfer Ina Kim-Schaad pays $6M for waterfront mansion in Jupiter

Golfer Ina Kim-Schaad pays $6M for waterfront mansion in Jupiter
212 Spyglass Lane & Carlos Gavidia (Realtor, Instagram/Carlos_E_Gavidia)

“Trumptilla” organizer sells waterfront Jupiter home for $6M

“Trumptilla” organizer sells waterfront Jupiter home for $6M
Jeff Bezos and the site at 14490 Corporate Road North (Google Maps)

SunTrust Equity Funding closes on Amazon-leased site at Palm Beach Park of Commerce

SunTrust Equity Funding closes on Amazon-leased site at Palm Beach Park of Commerce
Max Scherzer and 220 Commodore Drive (Getty, Redfin)

Home run: Washington Nationals pitcher Max Scherzer buys Jupiter mansion

Home run: Washington Nationals pitcher Max Scherzer buys Jupiter mansion
arrow_forward_ios

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

Loading...