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TA Realty buys Delray Beach apartments for $83M
Related Group completed two-building complex in 2015- 2016
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.