Berkshire Residential Buys Jupiter Apartment Complex for $203M

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Boston-based Berkshire Residential Investments purchased the Sophia at Abacoa apartment complex in Jupiter, Fla., for $202.5 million, according to property records. 

The complex includes 390 units across two buildings at 803 Promenade Way and 803 University Boulevard, which translates to an acquisition price of $519,231 per unit. 

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The total sale price a big jump from the $88 million that the seller, Chicago-based Heitman America Real Estate paid for it in 2015, reflecting the rapid increase in rent and home prices in South Florida. The median home price in the region stood at $530,000 in February, a 19.1 percent increase from the previous year, according to Florida Realtors.

The buyer and seller also signed an agreement that the buyer would not convert the complex into a condominium. It was signed by Stephen Parthum, portfolio manager at Berkshire, and Thomas Kelly, senior vice president of Heitman.

The garden-style apartment complex spans 22 acres, and is located in Abacoa, near the Scripps Research Institute

Berkshire has two other South Florida apartment buildings, in Coral Gables and Fort Lauderdale, as well as ones in Tampa and Orlando. The company has approximately $21 billion of real estate assets under management, and owns or manages 400,000 residential units in the United States, according to its website. 

Berkshire did not immediately respond to a request for comment. 

Chava Gourarie can be reached at cgourarie@commercialobserver.com.