Cortland buys Deerfield Beach multifamily complex for $66M
Deal for 226-unit complex breaks down to $292K per unit
Cortland bought a 226-unit Deerfield Beach multifamily complex for $66 million.
Atlanta-based Cortland bought the 226-unit Indigo Station at 67 Southwest 12th Avenue from Palm Beach Gardens-based Ram Realty Advisors, records show.
The deal breaks down to $291,814 per unit.
Ram Realty, led by Casey Cummings, buys, renovates, manages and develops apartments, retail and mixed-use real estate in the Southeast, according to its website. It developed Indigo Station in 2019, after buying the 7-acre site in 2017 for $6.6 million.
Cortland, founded in 2005 and led by Steven DeFrancis, is a multifamily owner-operator that has invested elsewhere in South Florida. In January, it bought the 336-unit Parc Station apartments in Hollywood for $91.7 million.
Farther north, in Delray Beach, it bought a 284-unit complex in July for $73.9 million.