Delray Beach Apartment Complex Trades for $74M
An Atlanta-based multifamily developer and investor buys a 3-year-old development for $260,211 a unit.
A Delray Beach multifamily community completed three years ago was acquired by An Atlanta-based apartment investor for $73.9 million.
The newly renamed Cortland Delray Station is a 284-unit, seven-building complex northwest of Interstate 95 and Atlantic Avenue.
Cortland Partners LLC, a multifamily developer and investor, bought the complex from Wood Real Estate Investors LLC, also an Atlanta-based multifamily developer and investor. The deal closed July 23 at a value of $260,211 per unit.
Wood Partners developed the 12.2-acre property in 2017 at 1720 Depot Ave., and it was 95% occupied at the time of sale, according to CoStar Group.
The complex offers 782-square-foot one bedrooms for $1,389 a month, 834-square-foot one bedrooms for $1,699, 1,189-square-foot two bedrooms for $1,863, 1,199-square-foot two bedrooms for $1,835 and 1,330-square-foot three bedrooms for $2,155, according to its website.