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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.

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