Ram Real Estate sold the 12-story Mark at Cityscape apartment building in Boca Raton to Plano, Texas-based Monogram Residential Trust.
The Palm Beach Gardens-based company sold the building with 208 apartments, 18,000 square feet of retail and a 686-space parking garage at 11 Plaza Real South for $81.74 million. It’s less than a year old.
As a direct result of that focus and a conservative capitalization structure, we were able to hold the asset through a difficult economic environment and ultimately deliver a project that benefited our investors and the community,” Ram CEO Casey Cummings said. “While we have a high level of confidence in the long-term prospects for Boca Raton, we were fortunate to have received a compelling inquiry from a high-quality institution like Monogram. We continue to look for other similar opportunities throughout South Florida.
The deal represents Ram’s exit from a significant redevelopment project in downtown Boca Raton. It paid $42 million in 2006 for the 4.5-acre site at Federal Highway and East Palmetto Park Road. At the time, there was an office building there. However, the recession stalled development.
Ram rezoned the land to add the Mark at Cityscape and allow for a hotel. The company sold the 1-acre hotel pad for $5.5 million to Kolter Group, which is building a Hyatt Place Hotel, and the office building for $25.75 million to Kireland.
Selling the Mark at Cityscape provided the biggest return, which wasn’t surprising given the apartment sector in South Florida is red hot.
“The Mark became the building of choice for people who are interested in the best of Mizner and the walkability of ‘New Boca’,”said Jennifer Stull, Ram’s managing director of asset management.