Cortland Buys Boca Multifamily Complex for $230M in Priciest Sale of 2021

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Cortland purchased a Boca Raton rental complex for $230 million, making it South Florida’s most expensive multifamily sale of the year. 

The Residences Uptown Boca, located at 20940 Uptown Avenue, holds seven buildings and 456 apartments. The 38-acre property sits on the outer edge of Palm Beach County near the Everglades National Park

SEE ALSO: Cortland Investing $1B in Arlington Apartment Acquisitions

Only one unit has yet to be leased, according to the sellers: Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital

The developers bought the vacant parcel for $38 million in 2018 and obtained a $125 million construction loan, The Real Deal reported. Construction ended last year. The developers will keep the 179,000-square-foot retail portion of the property. It’s set to include an Amazon Fresh supermarket, a Chick-fil-A restaurant, and an REI store. 

The Real Deal first reported about the $230 million transaction. 

Headquartered in Atlanta, Cortland specializes in multifamily development, managing more than 65,000 homes across the country, the company says. A company representative did not immediately respond to a request for comment.

Cortland’s purchase comes as South Florida’s multifamily market heats up. Apartment occupancy in South Florida averaged 96.5 percent during 2021’s second quarter, and average monthly rent reached $1,831 per month — up 7.9 percent from a year earlier, according to data from brokerage Berkadia

Just this week, Brookfield Property Group sold a Pembroke Pines, Fla., apartment complex for $122 million.