Related Companies Buys South Florida Rental for $117M
By Julia Echikson August 27, 2025 12:35 pm
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Related Companies paid $116.9 million for a multifamily complex in Delray Beach, Fla., property records show.
The property, Aura Delray Beach, features 292 apartments at 2095 West Atlantic Avenue, just west of Interstate 95. The purchase — made through Related’s investment management division, Related Fund Management — equates to just over $400,170 per unit.
Berkadia Commercial Mortgage provided a $59 million acquisition loan and assigned it to Freddie Mac.
The Texas-based seller, Trinsic Residential Group, completed the 325,319-square-foot property in 2023. The roughly 11-acre community includes seven garden-style buildings.
Two years ago, Related Fund Management opened an office in Boca Raton. Most of its deals in South Florida have been limited to providing debt and taking equity stakes in development projects. Last year, it supplied a $668 million construction loan in a joint venture with Bank OZK for the Waldorf Astoria Hotel & Residences Miami.
Even as rent growth in South Florida has slowed since the height of the pandemic, the region has recorded a few sizable deals, mostly in cash or with Freddie Mac and Fannie Mae financing.
Last week, the investment arm of the Church of Jesus Christ of Latter-day Saints purchased a 384-unit multifamily community in Boca Raton for $152.5 million. In June, Zara’s billionaire founder paid $165 million for a new luxury rental tower in Fort Lauderdale.
Representatives for Related Companies and Trinsic Residential did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
