Cortland Buys Boca Multifamily Complex For $230 Million

Cortland acquired a Boca Raton rental complex for $230 million, making it South Florida’s most expensive multifamily sale of the year.

The Residences Uptown Boca, located at 20940 Uptown Avenue, holds seven buildings and 456 apartments. The 38-acre property sits on the outer edge of Palm Beach County near the Everglades National Park.

Only one unit has yet to be leased, according to the sellers: Giles Capital GroupRosemurgy PropertiesSchmier Property Group and Wheelock Street Capital

The developers bought the vacant parcel for $38 million in 2018 and obtained a $125 million construction loan. The developers will keep the 179,000 Sq ft. retail portion of the property. It’s set to incorporate an Amazon Fresh supermarket, a Chick-fil-A restaurant, and an REI store.

Headquartered in Atlanta, Cortland specializes in multifamily construction, managing more than 65,000 homes across the country, the company says. A company representative did not immediately respond to a request for comment.

Cortland’s purchase comes as South Florida’s multifamily market heats up. Apartment occupancy in South Florida averaged 96.5% during 2021’s second quarter, and the average monthly rent reached $1,831 per month up 7.9% from a year earlier.

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