From tithing to landlording: Mormon church drops $240M on Boca Raton apartments
The real estate investment of the Church of Jesus Christ of Latter-day Saints paid $240 million to acquire an apartment complex in Boca Raton, marking one of the priciest multifamily deals in South Florida this year. Records show an affiliate of the LDS Church’s Property Reserve bought the Uptown Boca Villas complex at 20927 95th Avenue South from Atlanta-based Cortland, amid an overall softening of the multifamily market across the tri-county region. Cortland paid $230 million for the property in 2021. Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital completed the 456-unit, seven-building complex in 2020. […]This article originally appeared on The Real Deal. Click here to read the full story.
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