The Real Deal Miami

RAIA Capital Management pays $44M for apartment complex near Lake Worth

Priderock sold the 206-unit complex for $216k per apartment
By Keith Larsen | July 23, 2018 02:30PM

Casa Brera at Toscana Isles and Samuel Raia

Priderock Capital Partners just sold a 206-unit apartment complex near Lake Worth to RAIA Capital Management for $44.4 million.

The complex, known as Casa Brera at Toscana Isles, is just off Hypoluxo Road in unincorporated Palm Beach County at 4725 Via Bari.

West Palm Beach-based Priderock sold the property for about $216,000 per unit, property records show.

Casa Brera at Toscana Isles, built in 2013, features one- to three-bedroom units, a heated outdoor pool, private movie theater, fitness center, a multi-purpose sports court and a dog park, according to its website. Priderock paid $31.1 million, or about $151,000 per unit, for the 12.2-acre complex in 2015.

RAIA Capital Management’s portfolio includes about 3,000 Class A apartments in Alabama, Florida, Missouri, South Carolina and Tennessee, according to its website.

Priderock, managed by George Banks and David Khoury, owns and manages over 12,000 units in 16 states. Last April, Priderock bought West Isle Club Apartments in Key West for $56.8 million from Mast Capital and Rockpoint Group. It also owns an apartment complex in North Lauderdale.