**Clarion Partners and Cortland Sell Boca Raton Apartment Complex for $152.5 Million**
Clarion Partners and Cortland have sold Del Ola, a 384-unit multifamily community in Boca Raton, for $152.5 million. The sale price equates to nearly $400,000 per unit. The buyer is the investment arm of the Church of Jesus Christ of Latter-day Saints.
Located at 7801 N. Federal Highway, Del Ola last changed hands in 2019 for $120.84 million, marking a significant increase in value over a six-year span.
Developed in 2012 on a 17.4-acre site, Del Ola spans approximately 435,852 square feet. The property consists of a mix of five-story buildings with elevators, three-story garden-style apartments, and three-story townhomes. Residents enjoy a range of amenities, including a resort-style pool, a putting green, a bocce ball court, and a playground.
Apartment sizes range from 727 to 2,024 square feet, with monthly rents between $2,482 and $7,465.
Earlier this year, the LDS Church’s investment arm also purchased a new warehouse in Hialeah for $58.94 million, further expanding its presence in South Florida real estate.
