Mann Realty Sells Jupiter Rental for $50M Gain

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Mann Realty Associates has sold an apartment complex in Jupiter, Fla., for $138.5 million, netting more than $50 million in six years thanks to rising rents in South Florida.

Barcelona Jupiter Apartments is located at 111 Sierra Drive along Military Trial. Built in 2014, the 24-acre complex contains 13 buildings with a total of 352 units that range between one and three bedrooms. 

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Approximately 67 apartments are dedicated to workforce housing and the monthly rates for the remaining units fluctuate between $1,800 to $3,800, according to Henry Novoa, who managed the property for Mann Realty. Some of the rents have doubled in the past year, he said. 

The property was fully leased at the time of the sale earlier this week, according to Novoa. The buyer, Northland Investment Corporation, offered about $138 million unsolicited to purchase the property. 

Mann Realty, led by Maurice Mann, paid $87.6 million for the complex in 2016, per records. The firm is a boutique residential investor with a slew of historic properties in Manhattan and two in Fort Lauderdale.

Northland nabbed a $101-million loan from Equitable Financial Life Insurance Company

The Jupiter purchase marks a return for the Massachusetts-based investor as a South Florida buyer. Over the past two years, the firm has sold three residential properties in West Palm Beach for a combined $132.5 million and another in Oakland Park for $59 million

The company said its portfolio spans 26,000 multifamily units and 2.1 million square feet of commercial space across the country. 

A Northland representative did not immediately respond to a request for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com