Property Reserve, the real estate arm of the Church of Jesus Christ of Latter-day Saints, has finalized a significant acquisition, purchasing the Uptown Boca Villas apartment complex in Boca Raton, Florida, for $240 million. This transaction marks one of the most substantial multifamily deals in South Florida for 2026, underscoring the region’s continued appeal to investors.
Key Takeaways
- Property Reserve purchased Uptown Boca Villas for $240 million.
- The seller, Cortland, acquired the property in 2021 for $230 million.
- This acquisition increases Property Reserve’s local unit count to 1,124.
- Uptown Boca Villas is a 456-unit community completed in 2021.
Deal Details and Seller’s Gain
Cortland, the seller, had owned Uptown Boca Villas for five years, having originally purchased it for $230 million in 2021. The recent sale represents a gain of nearly 4.4 percent for Cortland. This deal highlights the strong performance of the South Florida multifamily market.
Property Reserve’s Growing Portfolio
With the addition of Uptown Boca Villas, Property Reserve now owns three assets in the West Palm Beach–Boca Raton metro area. The company’s total unit count in this region now stands at 1,124. Their previous acquisition in the market was Del Ola, a 384-unit community purchased for $153 million last year.
Uptown Boca Villas: A Modern Community
Located at 20940 Uptown Ave. in West Boca Raton, Uptown Boca Villas is situated in an area rich with retail options and recreational facilities, including the Coconut Cove Waterpark and Daggerwing Nature Center. Downtown Boca Raton is approximately 8 miles away.
The community, completed in 2021, features seven five-story buildings spread across 38 acres. It offers a range of one- to four-bedroom floorplans, with unit sizes varying from 718 to 1,737 square feet. Residences are equipped with modern amenities such as washers and dryers, wood-style flooring, smart home technology, keyless entry, and balconies.
Residents can enjoy a comprehensive suite of amenities, including a saltwater swimming pool with a sundeck, outdoor kitchen, indoor and outdoor fitness centers, a business center, a clubhouse, a children’s playroom, a dog grooming spa, and extensive outdoor spaces with sports fields and playgrounds. The property also provides approximately 700 parking spaces.
South Florida Multifamily Market Performance
South Florida’s multifamily market demonstrated steady fundamentals at the close of 2025, despite modest rent growth. Investment activity reached $3.5 billion, surpassing the previous two years. Metro Miami led transaction volume with $1.3 billion, followed closely by West Palm Beach–Boca Raton, which recorded $1.2 billion in trades.