The Real Deal Miami

Heitman pays $112M for apartment community near Boca Raton

297-unit Gables Marbella complex traded for about $377k per apartment
By Amanda Rabines | May 21, 2018 08:45AM

Gables Marbella Apartments and Gables Residential CEO Susan Ansel (Credit: Gables Residential)

A company tied to Heitman just dropped $112 million for the Gables Marbella apartment community west of Boca Raton, property records show.

The 297-unit rental complex at 22182 Bella Lago Drive traded for about $377,000 per apartment. Records show Marbella Premium Apartments LLC, tied to Atlanta-based developer Gables Residential, sold the property.

The developer paid a little more than $43.4 million for the 19-acre property in 2005. Records show the complex was built a year later. Amenities include a community pool, playground and fitness center. The rental community consists of one- to four-bedroom apartments that feature tile floors and granite countertops.

Heitman is a global real estate investment firm headquartered in Chicago with about $40 billion in assets under management, according to its website. In 2015, it paid $82 million for 390-unit multifamily community in Jupiter.

A representative for Heitman was not immediately available to comment.

In February, Angelo, Gordon & Co. sold a nearby 340-unit apartment community for $44 million.