AvalonBay Communities Acquires Boca Raton Apartment Complex For $138 Million

The 370-unit development, 850 Boca, located within the Park at Broken Sound in Boca Raton, Florida, was sold for a transaction amount of $138,000,000. The property boasts an array of amenities such as an 11,000-square-foot clubhouse, fitness center, pool, cabanas, pet spa, and dog park. Residences at Broken Sound LLC was the selling entity for this multifamily asset.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $138,000,000.00
• Address: Not provided
• Market Value: $373,000 per apartment
• Seller's Reps: Neal Victor (Cushman & Wakefield), Robert Given (CBRE), Troy Ballard (Cushman & Wakefield), Zachary (Zach) Sackley (CBRE)
• Buyer: AvalonBay Communities

The transaction involved AvalonBay Communities as the buyer, marking their first investment in Florida. The sellers were CC Residential and Praedium, represented by Robert Given, Zachary Sackley, Troy Ballard, and Neal Victor. The property's development site was partially sold by Praedium to CC Residential in 2014. Additionally, the project secured a construction loan of $62.5 million from PNC Bank for development.