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Cortland Paying $504K Per Unit In Florida's Largest Multifamily Transaction Of 2021

A multifamily property in Boca Raton traded for $230M Thursday, marking Florida’s largest multifamily deal in 2021 and the highest price per SF for a garden-style product in Florida ever, according to an announcement.

The Residences at Uptown Boca was developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group in partnership with Wheelock Street Capital. It sold to Atlanta-based real estate firm Cortland, which is invested in nearly 200 apartment communities nationwide.

The Residences at Uptown Boca, which opened in 2020, is a seven-building multifamily development managed by Park Partners Residential.

The project is composed of 456 apartments across seven buildings. One-, two-, three- and four-bedroom units range from 718 SF to 1,737 SF. The sale price amounts to about $504K per unit. 

Amenities include a 24-hour fitness center, a CrossFit area, a 24-hour business center with private conference rooms, 24-hour package pickup lockers and cold storage. There is also a theater, a kids’ area, three dog parks, a soccer field and a playground.

Completed in 2020, it was the first Class-A multifamily project to open in West Boca Raton in 20-plus years, according to the announcement. It is adjacent to a retail component that has 179K SF of shops and 15 restaurants. The developers will remain the owners of the retail component. Altogether, Uptown Boca spans 38 acres.

"We have experienced incredible leasing performance as demand for high quality apartments in south Florida has never been higher," Giles Capital Group President Rick Giles said in a statement. "Our leasing team did a phenomenal job in getting the property leased up in record time, and as a result the Uptown Boca ownership team determined that this is the right time to sell."