TA Realty buys Delray Beach apartments for $83M

Related Group completed two-building complex in 2015- 2016

Miami /
Nov.November 04, 2021 02:30 PM
TA Realty buys SofA apartments in Delray Beach for $83M

SofA apartment complex in Delray Beach at 150 Southeast Second Avenue and 151 Southeast Third Avenue with seller Mesirow Financial chair and CEO Richard Price, and buyer TA Realty Managing Partner James Buckingham (Google Maps, TA Realty, LinkedIn)

TA Realty bought an apartment complex in Delray Beach for $82.8 million, in the ongoing flurry of investment sales in South Florida’s booming multifamily market.

The Boston-based real estate investment firm purchased the SofA complex at 150 Southeast Second Avenue and 151 Southeast Third Avenue from Mesirow Financial, according to records.

The deal for the 172-unit project breaks down to $481,105 per unit.

The Related Group, based in Coconut Grove, developed the complex a few years ago, and sold it to Chicago-based Mesirow in 2016 for $62.4 million.

SofA spans two buildings, separated by a vacant lot and train tracks. The smaller, 55-unit building along Second Avenue was completed in 2015, and the bigger, 117-unit building along Third Avenue was finished in 2016, property records show. The property totals 199,700 square feet on 2.6 acres.

The community’s name stands for South of Atlantic, a nod to the property’s location south of Atlantic Avenue. The stretch’s eastern portion is home to bars, eateries and entertainment, a draw for locals and visitors, while investment on the western portion is growing.

SofA has studios as well as one- and two-bedroom units, according to its website. Apartments.com lists the monthly rent for a two-bedroom unit at $2,570.

Mesirow, led by Richard Price, offers global investment management, investment banking, wealth management, capital markets and retirement advisory services, according to its website. The employee-owned firm, which Norman Mesirow founded in 1937, has $232 billion of assets under supervision, which includes those under management and advisement as well as other client non-securities assets such as currency assets, according to its website.

In May, Mesirow bought a Fort Lauderdale multifamily complex for $83.5 million.

TA Realty is one of the biggest real estate investors in the U.S. Since its founding in 1982, TA has managed, purchased and invested more than $30 billion in real estate, according to its website. Its managing partners are James Buckingham, Michael Haggerty and James Raisides.

TA focuses on various asset classes, as it scooped up a Hialeah Gardens warehouse for $25.8 million in April.





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