The Church of Jesus Christ of Latter-day Saints has significantly expanded its real estate portfolio with the acquisition of a major apartment complex in Boca Raton, Florida. The $240 million deal for the Uptown Boca Villas complex marks one of the most substantial multifamily transactions in South Florida this year, underscoring the church’s ongoing investment in the region’s property market.
Key Takeaways
- The Church of Jesus Christ of Latter-day Saints, through an affiliate, purchased the Uptown Boca Villas apartment complex for $240 million.
- The complex features 456 units and was completed in 2020.
- This acquisition adds to the church’s existing significant real estate investments in Boca Raton and the wider South Florida area.
A Major Multifamily Acquisition
The 456-unit, seven-building Uptown Boca Villas complex, located at 20927 95th Avenue South, was acquired by an affiliate of the LDS Church’s Property Reserve. This purchase comes at a time when the multifamily market in the tri-county region is experiencing a general softening. The seller, Cortland, had previously purchased the property for $230 million in 2021.
The Uptown Boca Villas complex, developed by Giles Capital Group, Rosemurgy Properties, Schmier Property Group, and Wheelock Street Capital, was completed in 2020. The developers had acquired the 38-acre site for $38 million in 2018 and financed its construction with a $125 million loan. Notably, the partnership retained ownership of the 179,000 square feet of retail space within the complex when they sold the residential portion to Cortland.
Expanding South Florida Footprint
This latest acquisition is not an isolated event for the LDS Church in Boca Raton. Last year, a church affiliate made another substantial investment, paying $152.5 million for the 384-unit Del Ola apartment complex. The church’s South Florida holdings also include a 315-unit apartment building in Plantation, acquired in 2024 for $133 million, and a 284-unit complex in Wellington purchased last year for $102.4 million.
Scrutiny of Real Estate Investments
The substantial real estate portfolio held by the Mormon Church has drawn public attention and criticism. Tithing laws require members of the LDS Church to donate 10 percent of their income, and religious institutions face fewer public disclosure requirements compared to corporations. In 2023, the LDS Church and its investment manager, Ensign Peak Advisors, reached a settlement with the Securities and Exchange Commission. The settlement addressed allegations that the church utilized numerous limited liability companies to obscure the extent of its real estate holdings. The church and Ensign paid a combined $5 million, without admitting or denying wrongdoing.
Sources
- Mormon Church Drops $240M on Boca Raton Apartments, The Real Deal.