An affiliate of Miami-based Lennar Corp. (NYSE: LEN) sold the recently completed Boca City Walk apartments for $80.5 million to a subsidiary of Monogram Residential Trust.

LMC/USPF Boca City Walk Owner, managed by Lennar Multifamily Communities, sold the 229-unit complex at 33 S.E. 8th Street in downtown Boca Raton to Monogram Residential District REIT. The deed included a provision restricting the buyer from converting the apartments to condos before July 31, 2027. Lennar is also the largest developer of single-family homes in South Florida, so that provision prevents more competition.

The price equated to $351,528 per unit. The price was so high because downtown Boca Raton has some of the most expensive apartment rents in Florida, as shown in a recent report by RentCafe.

Boca City Walk was completed on the 2.1-acre site in 2016. Totaling 240,391 square feet, the complex has a top floor terrace and club, a cyber cafe, a fitness center, an outdoor entertainment area and a pool.

A new company could control Boca City Walk soon. On July 4, Monogram (NYSE: MORE) announced a deal to be acquired by Greystar Growth and Income Fund for $3 billion. That deal should close in the second half of 2017.

Source: SFBJ