Related Group and Rockpoint Sell Boca Rental for $194M
By Julia Echikson September 14, 2022 3:52 pm
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Lincoln Property Company paid $194 million for a newly built multifamily complex in Boca Raton, Fla., property records show.
The development, Manor Broken Sound, features 297 units, including six villas. The purchase by Dallas-based Lincoln Property equates to $653,200 per unit.
The sellers — South Florida real estate heavyweights the Related Group and Rockpoint — completed the property within the past year. The pair bought the 11-acre site in 2019 for $20 million. A year later, they nabbed a $69 million construction loan from Wells Fago, records show.
The property is at 5400 Broken Sound Boulevard, adjacent to Yamato Road and a mile from Interstate 95.
The deal is the latest sign of investors’ continued optimism in South Florida multifamily properties, despite interest rate hikes over the past few months.
Last month, Hines dropped $430 million for the 495-unit Gables Station complex in Coral Gables. In March, Harbor Group International paid more than $400 million for the 816-unit ParkLine Miami.
Over the past six months, South Florida raked in $4.96 billion in multifamily trades sales — making it the most active half year in the region’s history, bested only by the second half of 2021.
Rockpoint, based in Boston, has had a sizzling past few months in South Florida of its own, selling an office building for $287 million and an outdoor mall for $216 million, both in Brickell, as well as a Miramar rental for $295 million.
The Related Group and Rockpoint are also once again joining forces in developing an oceanfront condo building in Bal Harbour.
The Real Deal first reported the Manor Broken Sound sale. Representatives for Related and Lincoln Property did not immediately respond to a request for comment. A spokesperson for Rockpoint declined to comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
