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.