Cortland Partners Buys Delray Beach Apartments For $74 Million

Jul 30, 2020 No Comments by

The Delray Station apartment complex in Delray Beach has sold for $73.9 million.

Alta Delray Station, an affiliate of Atlanta-based Wood Partners, sold the 284 apartments at 203 Depot Ave. and 1740 N.E. Second St. to Depot FL Partners LLC, an affiliate of Atlanta-based Cortland Partners.

The buyer obtained a $37 million mortgage from W&D Interim Lender.

The price equated to $260,211 a unit.

The 322,581-square-foot apartment complex was built on the 12.3-acre site in 2017. This is the first time it has sold.

It’s located just north of Atlantic Avenue, on the west side of Interstate 95. It’s near a historic train station.

The buyer has renamed it Courtland Delray Station. Amenities include a pool, fitness center, putting green, grilling stations and a clubhouse with a party kitchen.

There remains strong demand for Class A apartment complexes in Palm Beach County as it lures more residents from high-tax states.

 

Source:  SFBJ

 

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Industry News, Multifamily, NA, Palm Beach County Multifamily
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