Texas based Monogram Residential Trust has purchased the Mark at Cityscape in downtown Boca Raton for $81.74 million. Trading for $393,788 per unit and $426 per square foot, the sale sets a state of Florida record for such a sale. The 12-story apartment complex at 11 Plaza Real South has 208 units, 18,000 square feet of ground-floor retail space and an attached parking garage with 686 spaces. Monogram specializes in buying and operating multifamily companies and has a portfolio of 54 properties spread throughout 11 states. The seller, Palm Beach Gardens-based Ram Realty Services, bought the property in 2006 on behalf of a private equity fund, Ram Realty Partners II for $42 million. At the time of the sale the asset was 80 percent leased.
“This investment reflects the benefits of being patient and focusing only on high quality real estate. 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,” said Ram CEO Casey Cummings. “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.”
