Cortland pays $74M for Depot Station apartments in Delray Beach

The apartments sold for $260K per unit

Miami /
Jul.July 30, 2020 12:30 PM
Cortland Partners CEO Steven DeFrancis and Depot Station apartment complex in Delray Beach (Google Maps)

Cortland Partners CEO Steven DeFrancis and Depot Station apartment complex in Delray Beach (Google Maps)

Cortland Partners paid $73.9 million for the Depot Station apartment complex in Delray Beach, marking one of the largest multifamily deals in South Florida since the start of the pandemic.

The Atlanta-based real estate investment firm bought the 284-unit complex at 203 Depot Avenue for $260,211 per unit, records show. Atlanta-based Wood Partners sold the property.

Cortland secured a $37 million loan from Walker & Dunlop to acquire the complex, records show.

Delray Station consists of seven, three-story buildings with one-, two- and three-bedroom units. Monthly rents range from $1,545 to $2,752, according to Apartments.com. The apartments were built in 2017, records show.

Cortland was founded in 2005 with a focus on multifamily development, but pivoted during the recession to focus on acquiring and renovating existing multifamily projects, according to its website.

Wood Partners has developed 79,000 units with a combined value of more than $14.1 billion, according to its website.

Delray Beach is one of the hottest areas for new development in South Florida, partly due to its walkable downtown.

Aventura-based BH3 scored approval last year to build a mixed-use project in an Opportunity Zone on West Atlantic Avenue in Delray Beach.

In January 2019, a joint venture led by 13th Floor Investments, Key International and CDS International bought the former Office Depot headquarters in Delray Beach for $33 million.


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