BF Affiliate Pays $300M for Six-Property Portfolio

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COCONUT CREEK, FL-Prestige Builders Partners, in which one principal is a partner of Miami-based BF Group, and one of South Florida’s most prolific condo converters, pays just more than $300.3 million, or approximately $198,448 a unit, for a six-property multifamily portfolio aggregating 1,513 units in three locations. The seller is locally based Minto Builders.

The portfolio contains the 168-unit CrownPointe at the Township, 372-unit ForestPointe at the Township and 192-unit StarPointe at the Township here, along with the 288-unit Spring Harbor and 200-unit Spring Landing in Delray Beach, and 293-unit Tuscany Place in Plantation. The properties were completed between 1986 and 1990, according to Avery Klann, VP in the Boca Raton office of Denver-based Apartment Realty Advisors. Klann and Marc deBaptiste, an ARA principal in that office, represented Minto and also procured the buyer.