Boca Raton apartment complex fetches $138 million


In one of the biggest real estate deals of 2017 in Palm Beach County, a Virginia landlord paid $138 million for a recently built apartment complex in Boca Raton.

AvalonBay Communities (NYSE: AVB), a real estate investment trust based in Arlington, Va., is the new owner of the Residences at Broken Sound at 850 NW Broken Sound Parkway, according to a deed.

The purchase marks AvalonBay’s first foray into Florida.

Rents start at $1,645 a month for a one-bedroom unit and range as high as $4,000 for a three-bedroom apartment, according to an inventory on Apartments.com.

The sale appears to be the biggest property transaction in Palm Beach County this year. In another high-dollar deal, retailer Office Depot in August paid $132 million for its headquarters in Boca Raton. And in July, The Quaye apartment complex in Palm Beach Gardens sold for $118 million, a deal that reflects rising demand for luxury apartments.

However, the sale doesn’t crack the list of the 10 priciest sales in Palm Beach County history, which is topped by the $341 million sale of The Mall at Wellington Green.

In another end-of-the-year deal, the 241,000-square-foot Fountain Square office complex sold for $54.5 million, according to property records.

Bridge Investment Group of Salt Lake City bought the three-building project at 2600, 2650 and 2700 North Military Trail in Boca Raton.

Christian Lee and Jose Lobon of CBRE and Neil Merin of NAI/Merin Hunter Codman represented the seller.


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