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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