Boca Apartment Complex Sell For $80M

Jun 05, 2014 No Comments by

Illinois teachers cashed in on a large Palm Beach County real estate investment, making a $44.3 million return on a 336-unit apartment complex on nearly 28 acres in Boca Raton.

TR San Marco Corp., a nonprofit investment company that acquires and manages real estate for the Illinois’ teachers retirement system, sold the complex for $80.3 million, according to a deed recorded Thursday in Palm Beach County.

The firm paid $36 million in December 1993 for The San Marco at Broken Sound, located at 5501 N. Military Trail.

TR sold the 541,492-square-foot complex to Miami-based San Marco Holdings LLC for about $239,000 per apartment.

 

Source: DBR

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Industry News, Multifamily, NA, Palm Beach County Multifamily
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