Lennar Plans 229 Apartments In Boca Raton After $7.5M Purchase

June 25th, 2014

An affiliate of Lennar Corp. plans to build 229 apartments in downtown Boca Raton after acquiring three parcels for a combined $7.52 million.

PMA Sales Group’s Chris Coates helped Lennar Multifamily Investors secure deals for the 2.08 acres of land with existing buildings. The property runs just west of Federal Highway from Southeast Eighth Street to Southeast Seventh Street, next to Trader Joe’s.

Coates said he started working on this in 2011 and went door-to-door, talking to property owners to see who would be receptive to an offer. The new multifamily division of Miami-based Lennar accepted his plan, and Lennar employees obtained development approvals.

Construction should start in six to seven weeks, Coates said.

The sellers include Mizner Plaza Condominium Association, New Urban Communities and Boca Investment Properties. The association parcel had five individual owners that Coates negotiated with.

Source: SFBJ

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