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TIAA-CREF Paying $80 Mil for Apartments

BOCA RATION, FL-The New York-based private pension fund is paying General Investment & Development Co. $83,612 per unit for a 958-unit portfolio in Broward and Palm Beach counties.

By David R. Corder | Updated on September 13, 2001

BOCA RATON, FL-TIAA-CREF, the nation’s largest private pension system, has acquired a four-building portfolio of 958 apartments in Broward and Palm Beach counties from General Investment & Development Co. for $80.1 milllion or $83,612 per unit ($87.83 per sf).

The properties are the Windsor at Boca Arbor Club, 304 units built in 1986 in Boca Raton; Windsor at Quiet Waters, 200 units built in 1995 in Deerfield Beach; Windsor at Carolina, 208 units built in 1993 in Margate; and Windsor at Lakepointe, 246 units build in 1985 in Plantation.

The sale of these properties came amid a seller’s market, where nearly fully occupied multifamily properties are pretty much the norm.

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