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Boca Raton Apartment Property Trades for $57M

Bell Partners Inc. has acquired The Lumin, a 180-unit apartment property in Boca Raton. The sales price was $56.5 million.

The property is located within The Park at Broken Sound, a 700-acre residential, office, retail and hospitality master development in Boca Raton. At the time of sale, the property was 96% leased.

The seller was a joint venture between The Davis Cos. (TDC) and Mainstreet Capital Partners. The JV developed the property in 2015 with a plan to capitalize on the City of Boca Raton’s vision for the redevelopment of the Broken Sound office campus into a mixed-use community. The purchase consisted of a 115,986-square-foot office building on one parcel and two single-story flex industrial buildings on a separate parcel. Construction on The Lumin was completed in October 2018.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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