Lincoln Property Buys Boca Raton Multifamily for $194M
Lincoln Property Co. has acquired Manor Broken Sound, a newly built 297-unit multifamily in Boca Raton, for $194M, a deal that translates into $650K per unit.
Related Group and Rockpoint sold the 11.5-acre property, which is located at 5400 Broken Sound Boulevard in the Park at Broken Sound office, residential and retail development. Cushman & Wakefield represented the sellers in the transaction.
The six-story building contains 261 apartments and six villas, each with six apartments. Rents on the one- to three-bedroom units range from $1,893 to $5,587. Related and Rockford bought the site for the Manor, Related Group’s first multifamily in Boca Raton, in 2019 for $20M.
Dallas-based Lincoln has several other multifamily properties in Boca, including the San Marco at 5555 North Military Trial, Boca Arbor at 566401 Arbor Club Way, Mizner Court at 6503 North Military Trail and The Charleston at 20525 South Charleston.
In December, Lincoln announced that it plans to build a 360-unit multifamily on a 3.4-acre site the company acquired at the mixed-use Park Square at Doral in a $16M deal with sellers Shoma Group and Related Group.
The 3.4-acre parcel, at 3450 Northwest 85th Court, is the last underdeveloped tract in the 52-acre Park Square complex. The site is adjacent to the 300K CityPlace Doral retail complex that is part of the Park Square complex.
In 2013, Coral Gables-based Shoma and Miami-based Related Group partnered on the $900M Park Square development, with along with CityPlace includes Oasis Park Square, a community of 135 single-family houses and several luxury multifamily communities.
Partnering with PGIM, Related and Shoma sold the 394-unit Manor apartment complex in 2017 at the development for $135M; in 2020, the partners sold the two-tower, 303-unit The Flats Apartments for $100M.
Boston-based Rockpoint has sold nearly $1B of its South Florida properties this summer in a series of lucrative deals.
In June, the company sold its 28-story Miami office tower at 1221 Brickell Ave, for $287M, the priciest office property deal in Miami in nearly six years. The 408K SF tower was built in 1986.
In July, Rockpoint sold the Shops at Mary Brickell Village, a 200K SF shopping and dining district on South Miami Ave. in Miami, for $216M to New York-based RPT Realty.
In August, a partnership of Rockpoint, Fort Lauderdale-based BBX Capital and Boca Raton-based The Altman Companies sold two Miramar multifamily complexes to AvalonBay for $295M.
