Property Reserve Acquires 384-Unit Multifamily Complex In Boca Raton For $152.5M

The property asset involved in the transaction is a multifamily complex located at 7801 North Federal Highway in Boca Raton, spanning 17.4 acres. The complex consists of 384 units and has a total square footage of 435,852. The sale price for this asset was $152,500,000, which equates to a per-unit price of $397,135 and a price per square foot of $350.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $152,500,000
• Address: 7801 North Federal Highway
• Market: Boca Raton
• Units: 384
• Square Footage: 435,852
• Price Per Unit: $397,135
• Price Per Square Foot: $350
• Buyer: Property Reserve, affiliate of Church of Jesus Christ of Latter-day Saints
• Seller: David Gilbert - Clarion Partners; Steven DeFrancis - Cortland

Property Reserve, functioning as the investment arm of the LDS Church, acquired the complex, which was previously sold for $120.84 million in 2019 by the sellers, David Gilbert representing Clarion Partners and Steven DeFrancis representing Cortland.