Ashley Powell Of Property Reserve Acquires Multifamily Asset From Steven DeFrancis For $240M

The property involved in the transaction is a multifamily asset located at 20927 95th Avenue South in Boca Raton. The property consists of 456 units and has a price per unit of $526,316, culminating in a total sale price of $240,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $240,000,000
• Units: 456
• Price Per Unit: $526,316
• Buyer: Ashley Powell - Property Reserve
• Seller: Steven DeFrancis - Cortland
• Date of Transaction: 05/04/2026
• Market: Boca Raton

The acquisition was made by Property Reserve, an affiliate of the LDS Church, as part of its efforts to expand its extensive real estate portfolio. This deal is noted as one of South Florida's largest multifamily transactions of the year, following a recent SEC settlement regarding the church's transparency in its real estate holdings.