Clarion Partners and Cortland sold a 384-unit Boca Raton apartment complex for $152.5 million, or nearly $400,000 a unit. The investment arm of the Church of Jesus Christ of Latter-day Saints was the buyer. The South Florida Business Journal reports the apartment complex at 7801 N. Federal Highway last sold for $120.84 million in 2019.
Del Ola, totaling 435,852 square feet, was developed on the 17.4-acre site in 2012. It consists of five-story buildings with elevators, three-story garden-style apartments and three-story townhouses. The community has a pool, a putting green, a bocce ball court and a playground.
Units in Del Ola range from 727 to 2,024 square feet and rent from $2,482 to $7,465.
Earlier this year, the LDS affiliate paid $58.94 million for a new warehouse in Hialeah.
The post Clarion, Cortland Offload Boca Raton Apartments for $152.5M appeared first on Connect CRE.
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