Boca Apartment Complex Sell For $80M

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