American Landmark buys Boca Raton apartments for $92M

The sale is one of South Florida’s largest multifamily deals of the year
By Keith Larsen | May 29, 2019 05:30PM

10235 Boca Entrada Boulevard

American Landmark CEO Joe Lubeck and 10235 Boca Entrada Boulevard

American Landmark paid $91.5 million for a 448-unit apartment complex in Boca Raton, marking one of the largest multifamily sales in South Florida so far this year.

American Landmark purchased Alister Boca Raton at 10235 Boca Entrada Boulevard for $204,241 per unit, according to a press release. American Landmark bought the community from a joint venture between Mill Creek Residential and AIG.

The apartments were built between 1986 and 1988 and offer one-, two- and three-bedroom units. Rents range from $1,299 to $2,127, according to apartments.com.

Mill Creek and AIG had bought the property in 2016 for $70.9 million.

The apartments are currently 96 percent occupied, according to the release. It will be renamed Cielo Boca and receive $6.2 million worth of capital improvements. Amenities at the complex include a car care station, swimming pool, playground and tennis court.

The move signals continued interest in Boca Raton, as the city becomes more appealing for corporate headquarters and, in particular, technology companies.

American Landmark currently owns and manages about 26,000 apartments throughout the Southeast and Texas. It plans to add an additional $2 billion in assets to its multifamily portfolio this year, according to the release. In November, the company bought two apartment complexes, one in Royal Palm Beach and one in Plantation, for a combined $105 million.