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Ares Pays $140M for Boca Raton Asset
In what is being touted as South Florida’s biggest apartment deal in 2024, Ares Management acquired the Boca Raton multifamily community Ceru for $139.6 million. The 284-unit project sale comes out to nearly $500,000 a unit. Since no new loan was recorded on the property, the deal is likely an all-cash transaction. The seller was Mainstreet Capital Partners.
The 373,856-square-foot complex is on 4 acres at 5205 Congress Avenue. It is 95 percent occupied.
The units at Ceru range from about 700 to 1,400 square feet, and rents range from $2,696 to $5,050 a month. Amenities include a pool, fitness center, clubhouse, lounge, sauna, business center and putting green.
On its website, Mainstreet Capital says it has created successful repositioning and value-enhancing results in over forty transactions, totaling more than $1 billion in investment. Its featured assets include Flagler Sky View in Fort Lauderdale, and N40 and The Lumin in Boca Raton.
- ◦Sale/Acquisition
