Cortland buys Deerfield Beach multifamily complex for $66M

Deal for 226-unit complex breaks down to $292K per unit

Cortland CEO Steven DeFrancis and Indigo Station at 67 Southwest 12th Avenue (Cortland, Inigo Station)
Cortland CEO Steven DeFrancis and Indigo Station at 67 Southwest 12th Avenue (Cortland, Inigo Station)

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.

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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.