Florida’s largest multifamily deal closed this week with the acquisition of The Residences at Uptown Boca by the Atlanta-based multifamily real estate investment, development and management company Cortland.
The Property: The Residences at Uptown Boca is a seven-building multifamily community with 456 Class-A luxury apartments opened in 2020. The apartments are part of the larger Uptown Boca Development, a 38-acre lifestyle center with shopping and dining that was developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group in partnership with Wheelock Street Capital.
Terms Of The Deal: Cortland purchased the Residences at Uptown Boca on Thursday, Aug. 5 for $230 million. This marks Florida’s largest multifamily deal in 2021 and the highest price per square foot for a garden-style product in Florida to date, according to a press release.
The project developers will retain ownership of the retail component of Uptown Boca, which includes 179,000 square feet of shops and 15 dining establishments.
The transaction was brokered by Cushman & Wakefield’s (NYSE:CWK) South Florida Multifamily Institutional Properties Group, led by Robert Given, Zach Sackley, Troy Ballard and Neal Victor.
The South Florida Multifamily Market: “We have experienced incredible leasing performance as demand for high quality apartments in south Florida has never been higher. Our leasing team did a phenomenal job in getting the property leased up in record time, and as a result the Uptown Boca ownership team determined that this is the right time to sell,” said Rick Giles, president of Giles Capital Group.
“We have made every effort to create great experiences for our residential and retail customers, and we wish continued success to the new owners of this unique development.”
Investors have been flocking to the South Florida market for multifamily acquisitions over the past year due to rapid increases in occupancy and rent prices. The average rent price in the area has increased over 11% in the past 12 months compared to the national average of 5.4%.
Other notable Boca Raton multifamily acquisitions in the past year include the Altis Boca Raton and Camino Real Apartments purchased by Cardone Capital, and The Lumin Boca Raton Apartments purchased by Bell Partners.
Photo courtesy of Giles Capital Group.
