A new apartment community in Boca Raton sold for $230 million, marking the most expensive multifamily sale in South Florida this year.
Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital sold the 456-unit, seven-building development to Atlanta-based Cortland, according to a press release. The Residences at Uptown Boca was completed last year and is 99 percent leased, with just the model unit remaining, a spokesperson said.
The South Florida multifamily market has been on fire, with rents and occupancy rising and a number of institutional deals closing in recent months.
The Uptown Boca sale breaks down to about $504,000 per apartment. Units range from 718 square feet to 1,737 square feet, and from one to four bedrooms. Park Partners Residential manages the garden-style complex.
A Cushman & Wakefield team led by Robert Given and Zach Sackley brokered the deal.
Cortland owns about two dozen multifamily properties in Florida, according to its website.
The Boca community includes a 24-hour gym and business center, cold storage, theater and lounge, rideshare lounge, dog parks, a soccer field, playground and children’s gaming area, according to the release.
The developers paid $38 million for the 38-acre property, agricultural land on the southwest corner of Glades Road and 95th Avenue South in 2018, and financed construction of the mixed-use development with a $125 million construction loan.
The sellers retained ownership of the 179,000-square-foot retail component of Uptown Boca.
Amazon Fresh is expected to open a 35,000-square-foot store at Uptown Boca. Other tenants include REI, Sloan’s Ice Cream, Chick-Fil-A, BurgerFi, and others.
Recent multifamily sales in South Florida include the $121.3 million trade of a Pembroke Pines complex.
In June, Harbor Group International sold a separate 700-unit apartment complex in Pembroke Pines to Air Communities for nearly $223 million.