InvestCorp sold an townhome community near Florida Atlantic University’s Boca Raton campus for $20.8 million.
The New York-based real estate investment group sold University View, a 55-unit development at 2190 Northwest Fourth Court for $378,000 per unit to University View Apartments Funding Company LLC, a Delaware company managed by Jill Russo of Global Securitization Services. Russo is likely an attorney who represents the true buyer.
University View Apartments Funding Company secured a $14.3 million from JP Morgan to buy the Boca Raton property, records show.
InvestCorp purchased the development for $20.2 million in 2016 as part of a $105 million portfolio sale that included two other Palm Beach County multifamily properties. The townhomes were built in 2009.
Developers are still seeing opportunities in South Florida’s multifamily market. While there has been a massive influx of new apartments in Fort Lauderdale and Miami over the past couple of years, suburban areas are still suffering from a housing shortage and developers, according to experts.
InvestCorp said it has completed more than 300 property investments totaling more than $11 billion in value since 1996, according to its website. InvestCorp’s parent company is based in Bahrain and says it ranks among the most active Gulf real estate investors in the U.S.