Multifamily craze carries on: Berkshire buys Jupiter apartment complex for $202.5M

Deal for 390-unit community equates $519K per unit

Miami /
Apr.April 07, 2022 12:30 PM

From left: Maury Tognarelli (seller), CEO of Heitman, and David Olney (buyer), CEO, Berkshire Residential Investment, in front of The Sophia at Abacoa apartment complex at 863 University Boulevard in Jupiter (Berkshire Residential Investment, Heitman, Realtor.com)

Berkshire Residential Investments bought a Jupiter apartment complex for $202.5 million, as South Florida’s multifamily market continues to attract buyers in droves.

Boston-based Berkshire Residential purchased The Sophia at Abacoa at 863 University Boulevard from Heitman, according to records.

The deal for the 390-unit garden-style complex breaks down to $519,231 per apartment.

The Sophia at Abacoa, built in 2002 and 2003, spans 21.9 acres, property records show.

Chicago-based Heitman, through an affiliate, bought the complex in 2015 for $82 million, meaning The Sophia gained 147 percent in value over seven years.

The Sophia has one- to three-bedroom units, with monthly rents ranging from $2,315 to $3,898, Apartments.com shows.

The pet-friendly community has an off-leash dog park with an obstacle course-style play area, two pools, sand volleyball courts, gym and wellness center, a billiards room, business center and a car detailing area, according to The Sophia’s website.

The sale marks at least the second South Florida apartment complex Heitman has sold since the beginning of 2021. Heitman sold the Seabourn Cove community at 3501 North Federal Highway in Boynton Beach and the adjacent Seacove second phase at 3480 Old Dixie Highway for $143 million in January 2021.

Heitman, founded in 1966 and led by CEO Maury Tognarelli, is a global real estate investment manager with more than $50 billion in assets under management, according to its website.

In South Florida, Berkshire Residential also owns the Berkshire Lauderdale by the Sea apartment building at 2400 Northeast 75th Street and the Berkshire Coral Gables building at 3880 Bird Road, property records show.

The company, led by CEO David Olney, manages more than $21 billion in real estate assets on behalf of global institutions, according to its website.

The South Florida multifamily market has prospered over the past year and a half because of high demand, allowing landlords to increase rents and prompting investment appetite.

In the biggest single deal in at least two years, in March Harbor Group International and three investment partners paid more than $400 million for the ParkLine Miami apartment towers at Brightline’s downtown Miami station.





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