A significant real estate transaction has occurred in Boca Raton, Florida, with a fund connected to the Church of Jesus Christ of Latter-day Saints acquiring a prominent apartment complex. The deal, valued at $152 million, involves the Del Ora apartment community, a relatively new development.
Key Takeaways
- A fund affiliated with the Mormon Church has purchased the Del Ora apartments in Boca Raton for $152 million.
- The acquisition highlights continued investment in the South Florida multifamily market.
- The Del Ora complex offers modern amenities and a desirable location.
Major Real Estate Acquisition in Boca Raton
The Church of Jesus Christ of Latter-day Saints, through its investment arms, has a history of acquiring substantial real estate holdings. This latest purchase in Boca Raton adds to its portfolio, signaling confidence in the region’s rental market. The Del Ora apartments, a 264-unit property, were reportedly sold by The Related Group and could represent a strategic addition for the church’s long-term investment strategy.
Del Ora Apartments: A Prime Investment
Located at 1500 Southwest 15th Street, the Del Ora complex was completed in 2022. It features a mix of studio, one-, and two-bedroom units, catering to a diverse renter base. The property boasts a range of amenities, including a resort-style pool, a fitness center, a clubhouse, and pet-friendly facilities. Its location offers convenient access to major employment centers, dining, shopping, and recreational activities within Boca Raton.
South Florida Multifamily Market Strength
This transaction underscores the ongoing strength and appeal of the South Florida multifamily sector. Investors continue to be drawn to the region’s population growth, job creation, and favorable economic conditions. The acquisition by a church-linked fund suggests a focus on stable, income-producing assets with potential for long-term appreciation.