CA Ventures buys Boca Raton apartment complex for $80M
Investcorp bought the apartments in 2016 for $70M
A Chicago-based real estate investment firm paid $80 million for a 159-unit student housing complex in downtown Boca Raton near Florida Atlantic University.
CA Ventures, led by Thomas Scott, bought the complex at 135 Northwest 20th Street, according to records. The 228,000-square-foot complex, built in 2015 and known as “University Park,” is on about 11 acres. The price equates to $503,145 per unit.
The seller is an affiliate of Investcorp, a Bahrain-based private equity firm led by Hazem Ben-Gacem and Rishi Kapoor.
Investcorp bought the student housing community in 2016 for $70 million, according to records. It was part of a $105.25 million deal for three student housing communities owned by Deerfield Beach-based Rosemurgy Properties.
Investcorp saw some wins and some losses last year. It was a partner on one of the largest Chicago-area purchases of the year — $74 million for an eight-building industrial park near O’Hare International Airport. And In November, Investcorp sold eight multifamily properties across the U.S. for $900 million.
But in October, JLL announced it was marketing a $65 million CMBS loan that an Investcorp affiliate defaulted on for Southland Mall in Cutler Bay.