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South Florida

Boca apartment sale is county’s priciest of 2014

San Marco at Broken Sound
San Marco at Broken Sound

The San Marco at Broken Sound apartment complex in Boca Raton changed hands for $80.5 million in Palm Beach County’s most expensive multifamily trade of 2014.

San Marco Holdings of Miami acquired the 336-unit complex at 5501 North Military Trail in a transaction recorded on Wednesday, according to Palm Beach County records. The company obtained a $49 million loan from New York Life Insurance Co. for the purchase. Francis Laird is identified in mortgage documents as the buying company’s president.

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Chicago-based TR San Marco sold the 28-acre property. The company shares a mailing address with real estate investment firm Capri Capital Partners. It paid $36 million for the complex in 1993.

San Marco was constructed in 1992.

The transaction is the second-most expensive deal recorded by Palm Beach County this year, behind the $146 million sale of two Worth Avenue retail buildings in the Town of Palm Beach. — Eric Kalis

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Boca Raton