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AvalonBay enters Fla. market with $138M buy

AvalonBay Communities Inc. bought an apartment complex within the Park at Broken Sound mixed-use community in Boca Raton, Fla., from developers CC Residential and The Praedium Group for $138 million, The Real Deal reported, citing property records.

The deal for the recently built 850 Boca complex marks AvalonBay's first foray into the state, the Dec. 27 report noted. The complex, which was 69%-occupied as of October, comprises 336 apartments, 34 townhomes and amenities.

In 2014, CC Residential paid Praedium $14.8 million for a partial ownership stake in the site and in 2015, the developers secured a $62.5 million construction loan from PNC Bank.

Cushman & Wakefield represented the sellers in the transaction.