RAM buys Boca Raton apartment complex for $20M
Deal breaks down to $238K per unit
Rental Asset Management bought The Village at Boca East apartment complex for $20 million.
Records show RAM, through an affiliate, bought the 84-unit community at 1551-1601 Northwest 13th Street. The deal breaks down to $238,095 per unit.
Seller 3T (Country Club Village), a limited partnership whose president is Oded Meltzer, sold the property.
The complex, which includes a pool, was built in 1975 on 6.7 acres, property records show. It last traded for $11.5 million in 2017.
Oakland Park-based RAM is a property manager with $500 million in assets under management across more than 35 properties in Florida, according to its website.
The deal comes amid a hot South Florida multifamily market, marked by pent-up demand, rising rents and top-dollar investment sales.
So far this year, rents across the region are up 7.9 percent year-over-year, according to Berkadia. Not only has the economy reopened and employees are back to work following the pandemic lockdown, but additional job growth is luring new residents.
In the most expensive multifamily deal this year, Cortland bought the new Residences at Uptown Boca for $230 million in August.