Heitman pays $112M for apartment community near Boca Raton

297-unit Gables Marbella complex traded for about $377k per apartment

Miami /
May.May 21, 2018 08:45 AM

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.


Related Articles

arrow_forward_ios
Solmar on Sixth with PGIM Real Estate CEO Eric Adler and Sterling Equities co-founder Fred Wilpon (Google Maps)
Sterling Equities pays $92M for Fort Lauderdale apartments
Sterling Equities pays $92M for Fort Lauderdale apartments
Renderings of Wynwood Haus with TSG Managing Partner Camilo Lopez and Lineaire Group Partner Diego Bonet (Lineaire Group)
Bridge Investment joins Wynwood Haus multifamily development group
Bridge Investment joins Wynwood Haus multifamily development group
President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
Addiction treatment center operator pays $12M for Delray Beach apartments
Addiction treatment center operator pays $12M for Delray Beach apartments
Celebration Pointe and Andrew Farkas (Garco)
Island Capital affiliate pays $64M for Margate apartments
Island Capital affiliate pays $64M for Margate apartments
Steven R. Dingle and the property he sold at 298 West Key Palm Road. (SRD Building Corp, Royal Palm)
Former Cantor Fitzgerald CEO sells Boca Raton mansion to homebuilder for $9M
Former Cantor Fitzgerald CEO sells Boca Raton mansion to homebuilder for $9M
Renderings of Wave 70 and Wave 90
Dania Beach approves 760-unit apartment complex next to Dania Pointe
Dania Beach approves 760-unit apartment complex next to Dania Pointe
AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)
Cortland pays $92M for Hollywood apartment complex
Cortland pays $92M for Hollywood apartment complex
arrow_forward_ios

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

Loading...