Cortland pays $74M for Depot Station apartments in Delray Beach

Posted :
July 31, 2020
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As reported in The Real Deal.

Cortland Partners paid $73.9 million for the Depot Station apartment complex in Delray Beach, marking one of the largest multifamily deals in South Florida since the start of the pandemic.

The Atlanta-based real estate investment firm bought the 284-unit complex at 203 Depot Avenue for $260,211 per unit, records show. Atlanta-based Wood Partners sold the property.

Cortland secured a $37 million loan from Walker & Dunlop to acquire the complex, records show.

Delray Station consists of seven, three-story buildings with one-, two- and three-bedroom units. Monthly rents range from $1,545 to $2,752, according to Apartments.com. The apartments were built in 2017, records show.

Cortland was founded in 2005 with a focus on multifamily development, but pivoted during the recession to focus on acquiring and renovating existing multifamily projects, according to its website.

Wood Partners has developed 79,000 units with a combined value of more than $14.1 billion, according to its website.

Delray Beach is one of the hottest areas for new development in South Florida, partly due to its walkable downtown.

Aventura-based BH3 scored approval last year to build a mixed-use project in an Opportunity Zone on West Atlantic Avenue in Delray Beach.

In January 2019, a joint venture led by 13th Floor Investments, Key International and CDS International bought the former Office Depot headquarters in Delray Beach for $33 million.