Cortland Buys Indigo Station Apartments in Deerfield Beach for $70M

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Atlanta-based Cortland bought a newly built apartment complex in Deerfield Beach, Fla. for $70 million, according to property records.

Developer Ram Realty Advisors of Palm Beach Gardens built the 226-unit complex, initially called Indigo Gardens, at 67 SW 12th Avenue in 2019. 

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The property is located near Interstate 95 and the Deerfield Beach Tri-Rail Station. The complex is across Hillsboro Boulevard from the 3,200-employee headquarters of JM Family Enterprises, an automotive company.

Walker & Dunlop‘s Still Hunter, Greg Engler and Kaya Suarez negotiated the deal. They represented both the seller and the buyer.

Rents at the property, now known as Cortland Deerfield Station, range from $1,729 to $2,428 a month, according to Apartments.com. Walker & Dunlop’s Hunter said those levels are a step below the luxury prices at other new apartment developments.

“This unique asset offers attainable luxury, which is in high demand, yet most communities within South Florida target just the very top of the market,” Hunter said in a statement.

A green-certified development, Cortland Deerfield Station has a pool, a sundeck, a fitness center and charging stations for electric vehicles.

Ram Realty Advisors develops retail, multifamily and mixed-use properties throughout the Southeast. In another Broward County deal, the company is building a mixed-use project in Oakland Park.