Florida Atlantic Portfolio Sold For $105M
Affiliates of New York-based Investcorp International Realty bought a portfolio of student housing complexes near Florida Atlantic University in Boca Raton for a combined $105M. The sellers were a partnership between Rosemurgy Properties, Giles Capital and Lewis Rental Properties.
The largest transaction: University Park of Boca LLC sold a 598-bed (159 units) community, according to the South Florida Business Journal. The 279k SF complex opened in 2015.
Investcorp affiliates also bought a parcel of 58 townhouses from Addison Park of Boca LLC and a 90-unit complex from BS Boca LLC. Nationwide Life Insurance financed all three deals with a $58M loan. [SFBJ]