Tishman Speyer Doubles Down on South Florida With $125M Multifamily Purchase

Tishman Speyer is expanding its South Florida portfolio with a multifamily acquisition in Boca Raton. 

The global real estate behemoth paid $124.5 million for a 270-unit property in the 700-acre commercial and residential development known as The Park at Broken Sound, property records show. 

Tishman Speyer’s new asset, called Bell at Broken Sound, features 12 three-story buildings with 180 apartments and 90 three-story townhomes. The 14-acre property sits about a mile west of the Boca Raton Tri-Rail train station and Interstate 95 at 5500 Broken Sound Boulevard NW.

In 2020, the seller, Bell Partners, paid $94.3 million for the 382,422-square-foot complex, which was built in 2018 and 2019. CBRE’s Robert Given, Zach Sackley, Troy Ballard and Michael Mulkern brokered the recent transaction to Tishman Speyer. CBRE Multifamily Capital supplied a $78.7 million acquisition loan. 

“Bell at Broken Sound presents an ideal opportunity to expand our growing multifamily portfolio into the burgeoning South Florida market,” Nikita Rao, Tishman Speyer’s head of U.S. residential division, said in a statement. “Boca Raton’s unbeatable combination of economic and educational vitality is extremely appealing to both working professionals and families, providing a strong foundation for sustained housing demand.”

Tishman Speyer is one of the largest real estate firms, perhaps best known for owning marquee properties such as Rockefeller Center. Last year, the New York-based firm entered the South Florida market, purchasing a two-building, fully leased industrial property in Pompano Beach for $100 million.

Representatives for Bell Partners did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.