Cortland and Clarion Partners pay $120M for Broadstone North Boca Village

PGIM and Alliance Residential sold the 384-unit development for $312K per unit

TRD MIAMI /
Jul.July 19, 2019 06:00 PM
7801 North Federal Highway in Boca Raton (Credit: Cortland)

7801 North Federal Highway in Boca Raton (Credit: Cortland)

PGIM Real Estate and Alliance Residential sold a sprawling apartment complex in Boca Raton to Cortland and Clarion Partners for about $120 million, The Real Deal has learned.

Atlanta-based Cortland and Clarion Partners, a New York-based investment adviser, paid $312,500 per unit for Broadstone North Boca, a 384-unit apartment development at 7801 North Federal Highway. The deal, which closed on Thursday, marks one of the largest multifamily investment sales in South Florida so far this year.

It’s the fourth deal for Cortland and Clarion as partners, and the 15th property in Florida for Cortland, according to a release.

Cortland will rebrand the property Cortland Boca Raton, and the two partners plan to upgrade the units’ interiors, amenities and landscaping. The 17-acre development was completed in 2012 and has a mix of apartments, including five-story mid-rise buildings with elevators, three-story garden-style buildings and three-story townhouse-style units. Amenities include a resort-style pool, putting green, bocce ball court, playground, green space and courtyard, and a dog park with a washing station.

Monthly rents range from $1,570 to $3,914, according to Apartments.com.

The development hit the market about a year ago as part of a five-property PGIM portfolio in the Southeast, according to RE Alert. Walker & Dunlop marketed the portfolio, which had a combined value of about $415 million.

Chris Conklin of Walker & Dunlop represented the seller of Broadstone North Boca, according to the company’s website.

Cortland has invested in or managed more than 155 apartment communities with over 52,000 homes in the U.S., and Clarion has more than $50 billion in total assets under management, according to the release.

The rental market is still strong in South Florida, although rent growth is slowing in oversaturated markets like Miami’s urban core.

In May, the Blackstone Group paid $208.75 million for a pair of neighboring apartment complexes in Doral, the largest multifamily sale this year.


Related Articles

arrow_forward_ios
Rendering of Terra’s project and David Martin

Terra plans massive multifamily project in northwest Miami-Dade

2021-2035 Meridian Avenue, Rani Hussami and Colin Rockson

AquaBlue Group owner lists South Beach apartments for $14M

Gustavo Miculitzki, Jon Paul Perez, and Jay Roberts with a rendering of the project

Related, Block Capital sign deal with short-term rental operator

Daily Digest Miami

Canadian investment group pays $103M for Lauderdale Lakes apartments, Macy’s warns of weak holiday sales

3700 Pacific Point Place and Yaakov Frankforter (Credit: LinkedIn)

Canadian investment group pays $103M for Lauderdale Lakes apartments

249 West Alexander Palm Road and Kimberly Vassalluzzo

Fund manager’s wife buys Boca Raton mansion for $13M

Steven E. McCraney, President & CEO McCraney Property Company with the land

McCraney, partner pick up land in tight Boca Raton industrial market

The Eureka Drive site, Deme Mekras, Elliot Shainberg

Garco buys Miami-Dade land for multifamily project

arrow_forward_ios