Crow Holdings buys Delray Beach apartments for $112M

369-unit complex spans 9.3 acres

Miami /
Jul.July 01, 2021 03:30 PM
Alta Congress apartments at 250 Congress Park Road in Delray Beach and Crow Holdings CEO Michael Levy (Alta Congress, Crown Holdings)

Alta Congress apartments at 250 Congress Park Road in Delray Beach and Crow Holdings CEO Michael Levy (Alta Congress, Crown Holdings)

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.






    Related Articles

    arrow_forward_ios
    Developer Jeff Greene and Dalfen Industrial CEO Murray Dalfen with the complex at 1501 Meathe Drive (Dalfen, CBRE)
    Billionaire Jeff Greene sells West Palm Beach industrial complex for $61M
    Billionaire Jeff Greene sells West Palm Beach industrial complex for $61M
    ParkLine MiamiCentral
    Brightline parent lists MiamiCentral apartment towers for $500M
    Brightline parent lists MiamiCentral apartment towers for $500M
    3301 Quantum Boulevard in Boynton Beach and Apex Capital Investments CEO John Gaghan (JLL, Apex)
    Apex Capital pays $37M for Boynton Beach office building
    Apex Capital pays $37M for Boynton Beach office building
    Hyperion Group CEO Rob Vecsler, Starwood Capital CEO Barry Sternlicht and a rendering of 350 South Australian Avenue (M18 PR, Wikimedia)
    Starwood acquires stake in West Palm Beach development site
    Starwood acquires stake in West Palm Beach development site
    Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
    Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
    Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
    Nuveen Real Estate CEO Mike Sales and LaVida apartments (Eileen Escarda)
    Nuveen pays $98M for Blue Lagoon apartment complex in Miami
    Nuveen pays $98M for Blue Lagoon apartment complex in Miami
    Arnaud Karsenti and one of the properties at 435 Gardenia Street (Google Maps)
    13th Floor Investments pays $26M for downtown West Palm Beach assemblage
    13th Floor Investments pays $26M for downtown West Palm Beach assemblage
    West Palm Beach workforce housing advances with $53M construction loan
    Downtown West Palm Beach workforce housing project scores $53M construction loan
    Downtown West Palm Beach workforce housing project scores $53M construction loan
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...