Boston's MPA Buys Trophy Apartments From Prudential for $61.6 Mil

MIAMI-Boston-based Metropolitan Properties of America holds the honors today of closing the biggest shelter deal of the year to date in South Florida–the $61.6 million acquistion of Courvoisier Courts from Prudential Real Estate Investors of Newark, NJ.

The five-year-old, 272-unit, 400,000-sf Property on Miami’s chic Brickell Key sold for $226,471 per unit or about $154 per sf. The acquisition was M/P/A’s fourth purchase of a luxury residential community since June 2001.

“I am confident the (Miami) property will perform well for our partners while continuing to provide Miami residents with the ultimate in luxury living,” M/P/A CEO Jeffrey J. Cohen says in a prepared statement.