Mormon Church Affiliate Buys Boca Raton Apartments For $152M: The South Florida Deal Sheet
A real estate arm tied to the Church of Jesus Christ of Latter-day Saints has acquired a Boca Raton apartment complex for $152M.
An affiliate of Clarion Partners and Cortland Partners sold the 384-unit Del Ola apartment complex to an entity tracing to Property Reserve, the investment arm of the Mormon Church, according to property records provided by Vizzda.
Clarion Partners and Cortland purchased the property at 7801 N. Federal Highway for $121M in 2019. Spanning 17 acres, the community features 17 residential buildings built in 2012 that rise three stories, along with a two-story clubhouse.
The complex has one-, two- and three-bedroom units, which range from 727 to 2,024 SF. Monthly rents range between $2,482 and $7,465, according to Apartments.com.
SALES
Affiliates of Raia Capital Management sold the 206-unit Casa Brera at Toscana Isles in Greenacres to The Milestone Group for $46M, according to property records from Vizzda.
The 2013-built complex spans nearly 13 acres at 4725 Via Bari and totals 256K SF across seven three-story buildings and a clubhouse.
Milestone assumed Raia’s $27M Wells Fargo loan and added a new $7M Fannie Mae loan that matures in 2030. Units range from one to three bedrooms, with monthly rents listed between $1,456 and $2,648 on Apartments.com.
LEASES
Single-family home developer Minto Communities USA has relocated its headquarters to Coconut Creek, according to a release.
The company signed a 15,530 SF lease at 4443 Lyons Road in the Promenade at Coconut Creek mixed-use development, where it will house about 75 employees.
Minto moved from 4400 W. Sample Road, also in Coconut Creek.
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Five tenants have signed leases at Aura North Miami Beach, a mixed-use project by Trinsic Residential Group and Macken Cos., according to a release.
These tenants include Florentin Bakery with 2,800 SF, Pala Mediterranean Kitchen at 1,400 SF and Mimi Yoga at 2,650 SF, along with Sonrisas Dental Miami and childhood therapy center The Missing Peace.
The 533K SF development at 16955–17071 W. Dixie Highway is slated to deliver in the second quarter of 2026 with 370 residential units and 17K SF of ground-floor retail.
FINANCING
Terra Group and Sympatico Real Estate secured a $285M construction loan from Tyko Capital for the Mr. C Hotel and Residences West Palm Beach, according to a release.
Aztec Group arranged the financing on behalf of the developers.
The Arquitectonica-designed project will include 110 hotel rooms and 146 residential units, which are already 70% presold.
Amenities for residents will feature a poolside bar and lounge, library, business lounge, spa and fitness center. Hotel guests will have access to a pool, gym, spa and concierge services, including housekeeping, pet care and in-home dining.
Ground has already broken on Okeechobee Boulevard between Olive Avenue and US-1, with completion expected in 2026.
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Bravo Property Trust has provided a $170M loan for a 40-story condo tower in Downtown Miami, according to a release.
The financing went to an entity tied to Haxelton Capital Group and SB Development for a project called Cove, planned at 496 NE 29th St., a Bravo representative confirmed to Bisnow.
The tower will include 135 residences with amenities such as private dining, a screening room and a coworking space.
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Trammell Crow Residential landed a $66.4M construction loan for a planned apartment complex in Margate, The Real Deal reported.
Dallas-based Trammell Crow Residential, the multifamily arm of Crow Holdings, purchased the site for $10M in August and landed the loan from US Bank, according to property records provided by Vizzda.
The project is planned for a 9-acre site at 785-795 S. State Road 7, with five five-story buildings and 338 units.
MILESTONES
Property Markets Group sold out the 266 units in a condo tower planned as part of its One Twenty Brickell Residences development, according to a release.
The fully furnished condos in the 37-story building also come with separate office space as part of the purchase. The offices, on floors two through twelve, are about 387 SF.
The multifamily building has more than 60K SF of amenities, including a concierge service, fitness center, grilling terrace, coworking space, a pickleball court and a wellness center with a sauna, steam and treatment rooms.
The development also has a second 41-story tower with 537 units. PMG, which broke ground on the two-tower project in May after landing the construction loan in April, is slated to complete in 2028.
PEOPLE
One of the largest construction and development firms, Skanska, promoted Frank Longo to vice president, account manager in South Florida, according to a release.
Longo, who has worked in the industry for 40 years, will continue overseeing projects he previously managed while also managing the company's project pipeline growth and strengthening client relationships.
His focus is on the tri-county area, overseeing construction projects in Miami-Dade, Broward and Palm Beach.
