Lincoln Property pays $194M for newly built Boca apartments

Jorge Pérez’s Related Group, Rockpoint sold 297-unit property

Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)

Lincoln Property Company beefed up its South Florida multifamily portfolio.

The firm bought the newly built Manor Broken Sound apartment community in Boca Raton from the developers, Related Group and Rockpoint, for $194 million, according to sources. The deal closed on Thursday.

The 297-unit Manor, at 5400 Broken Sound Boulevard, was completed this summer across 11.5 acres. It’s within the 700-acre Park at Broken Sound office, residential and retail development.

Manor consists of a six-story building with 261 apartments and six villas, each with six apartments. It offers one-bedroom to three-bedroom apartments, with monthly rents ranging from $2,893 to $5,587, according to Manor’s website.

The deal breaks down to $650,000 per unit.

Robert Given and Zachary Sackley were part of the Cushman & Wakefield team that represented the sellers.

Coconut Grove-based Related and Boston-based Rockpoint, through an affiliate, had bought the Manor development site in 2019 for $20 million, records show. Their purchase came on the heels of the City Council approving the project, which marked Related’s first multifamily development in Boca Raton.

As for Rockpoint, the recent sale is the latest in a string of deals for the company that has been offloading properties across South Florida.

The company, led by Bill Walton and Keith Gelb, reaped a bonanza in Miami’s Brickell neighborhood selling this summer, first selling the 1221 Brickell office tower for $287 million in June and then the Shops at Mary Brickell Village for $216 million the following month.

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Rockpoint also was part of the joint venture that sold a pair of Miramar apartment complexes for a combined $295 million in August.

Lincoln Property, led by CEO Tim Byrne and based in Dallas, was founded in 1965 as a residential real estate developer and manager, although it has expanded into commercial properties since then, according to its website.

Its other Boca Raton rental properties are the San Marco at 5555 North Military Trail, Boca Arbor at 566401 Arbor Club Way, Mizner Court at 6503 North Military Trail and The Charleston at 20525 South Charleston, according to the firm’s website.

Lincoln also plans to build a roughly 360-unit apartment project at the Park Square at Doral. It scooped up a 3.4-acre site — the last developable property at the mixed-use Park Square community — for $16 million in December.

Lincoln didn’t immediately respond to a request for comment.

South Florida’s multifamily market has boomed from high demand that’s fueled by regional newcomers, prompting a slew of high-priced deals.

In a record deal, Harbor Group International paid over $400 million, with one source saying the price was $450 million, for the pair of ParkLine Miami apartment towers at Brightline’s downtown station in March.

This was followed by Hines’ $430 million purchase of the Gables Station development in Coral Gables in August.