Related Group sells luxury apartments in Delray Beach: $62.4M

Miami /
Jul.July 22, 2016 12:50 PM

The Related Group just sold a newly completed apartment project in Delray Beach for $62.4 million to a Chicago-based Mesirow Financial fund.

Related’s RD Delray LLC sold the buildings at 151 Southeast Third Avenue and 150 Southeast Second Avenue. Built in 2015, the downtown Delray Beach complex includes a pool, cabanas, lounge deck, two fitness centers, outdoor kitchens, a private wine cellar and lounge, tech lounge with a coffee bar and bike storage, according to its webiste.

The buildings are two avenues apart, separated by the train tracks and a vacant block, and sit on a combined 2.6 acres. At 151 Southeast Third Avenue, Related developed 117 units, and at 150 Southeast Second Avenue, 55 units. Mesirow paid about $363,000 per “South of Atlantic” apartment.

Units feature distressed wood flooring, quartz countertops, subway tile backsplash, Moen fixtures and in-unit washer/dryers. They range from 691-square-foot studios to 1,296-square-foot two-bedroom apartments, according to the website. Arturo Peña, vice president and development manager of the project, said in a statement that the project “continues the district’s evolution as an amazing live/work/play destination.”

Downtown Delray, especially the retail and restaurant sectors, has become a destination for residents. City officials are still tweaking the city’s development process to encourage more activity. Residential projects currently in the works include the 111 First Delray, Uptown Delray, The Metropolitan and Uptown Atlantic.

And the multifamily market is strong in South Florida. Since January, investors and developers sold and purchased more than $4 billion worth of apartments, many of which are located in suburban areas.

Records show MFREVF II SofA LLC financed the deal with a $40.56 million mortgage from Prudential Multifamily Mortgage. Mesirow, a financial services firm, handles investment management, securities, and investment banking insurance services, according to its website. The company has $40.2 billion in assets under management as of March 31, and has offices in  New York, Miami, San Francisco, London and Hong Kong.


Related Articles

arrow_forward_ios
A photo illustration of BH Group’s Isaac Toledano, Related Group’s Jorge Perez, and Marina Village in Riviera Beach (Getty, BH Group, Related Group)
Riviera Beach CRA approves deal for Marina Village apartment building
Riviera Beach CRA approves deal for Marina Village apartment building
From left: Taylor Collins and Jon Paul Perez with Rivage
Related, partners launch sales of Bal Harbour condos, with PH asking over $65M
Related, partners launch sales of Bal Harbour condos, with PH asking over $65M
Jimmy Tate, Sergio Rok and  Jorge Pérez with renderings of the project
Related Group joins $1B-plus Bahia Mar project in Fort Lauderdale
Related Group joins $1B-plus Bahia Mar project in Fort Lauderdale
From left: Jorge and Jon Paul Pérez with 444 Brickell Tower (Getty, Related)
Related scores $164M construction loan for Brickell apartment tower
Related scores $164M construction loan for Brickell apartment tower
Related Group’s Jon Paul Pérez and Jorge Pérez with 600 North Andrews Avenue (Google Maps, Getty)
Related nabs $56M loan to build FATVillage affordable rentals
Related nabs $56M loan to build FATVillage affordable rentals
Teddy Sagi (Photo by Andy Paradise)
Inside an Israeli billionaire’s Miami gamble
Inside an Israeli billionaire’s Miami gamble
Camilo Miguel, Jr., Edgardo Defortuna, Carlos Rosso and Jorge Perez with a rendering of the Casamar Pickleball Court (LinkedIn, Wikipedia, Dragon Global, Standard Residences)
New ‘it’ amenity at South Florida luxury condos? Pickleball courts
New ‘it’ amenity at South Florida luxury condos? Pickleball courts
Related Companies' Steve Ross and Related Group's Jorge Perez (Getty)
Related-party transactions: Where do Ross and Pérez go from here?
Related-party transactions: Where do Ross and Pérez go from here?
arrow_forward_ios

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

Loading...