Crow Holdings buys Delray Beach apartments for $112M

Dallas-based Crow Holdings bought a Delray Beach apartment complex for $111.75 million, marking one of the highest-priced multifamily deals in South Florida this year.

Records show a limited partnership of CH Realty IX/MF Boca Raton Congress, in the care of Crow Holdings, bought the 369-unit Alta Congress at 250 Congress Park Drive. The deal breaks down to $302,846 per unit.

Seller Alta Congress Owner LLC is affiliated with TPI Real Estate Investment Trust in Hartford, Connecticut, records show. Kevin Dowd is the executive director.

Built in 2013 on 9.3 acres, the 421,136-square-foot complex includes a pool, and a garage that totals an additional 151,248 square feet, according to property records. No previous deed sales have been recorded.

Crow Holdings is a privately owned real estate investment manager and developer, with $20 billion in assets under management, according to its website. It has developed nearly 260,000 multifamily units over 40 years through its Trammell Crow Residential arm, as well as industrial real estate through its Crow Holdings Industrial, and offices through Crow Holdings Office. Michael Levy is CEO of Crow Holdings and Harlan Crow is board chair, according to the group’s website.

At the end of last year, Trammell Crow Residential, along with investment firm The Carlyle Group, paid $19.2 million for a former Costco location near Doral, with plans to build a 356-unit apartment project.

The Alta Congress deal comes on the heels of several top-dollar purchases of South Florida multifamily projects.

In Palm Beach County, Morgan Properties bought four communities in and near Boca Raton for $126 million, as part of a $1.8 billion national apartment portfolio purchase in March.

Less than three months later, Morgan Properties sold one of the portfolio communities in Boca Raton to real estate tycoon and motivational speaker Grant Cardone for $69 million.