X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOCA RATON, FL-TIAA-CREF, the nation’s largest private pension system, has acquired a four-building portfolio of 958 apartments in Broward and Palm Beach counties from General Investment & Development Co. for $80.1 milllion or $83,612 per unit ($87.83 per sf).

The properties are the Windsor at Boca Arbor Club, 304 units built in 1986 in Boca Raton; Windsor at Quiet Waters, 200 units built in 1995 in Deerfield Beach; Windsor at Carolina, 208 units built in 1993 in Margate; and Windsor at Lakepointe, 246 units build in 1985 in Plantation.

The sale of these properties came amid a seller’s market, where nearly fully occupied multifamily properties are pretty much the norm.

Boca Raton-based Atlantic Realty Partners represented General Investment. Brad Capas, senior vice president, and Richard Donnellan and Marc deBaptiste, Atlantic’s co-founding managing directors, brokered the deal.

“The demand for apartments in South Florida remains very strong,” Capas tells GlobeSt.com. “This was a high quality portfolio that generated substantial interest from a broad spectrum of investment groups comprising institutional and private buyers.”

TIAA-CREF had nearly $285 billion in total assets under management as of the yearend 2000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.